QUANTA SERVICES INC, QUANTA SERVICES MANAGEMENT ...

QUANTA SERVICES INC, QUANTA SERVICES MANAGEMENT PARTNERSHIP LP
Company Report

Table of Contents:
Search Criteria: 3
Company Summary: QUANTA SERVICES INC - Business Description 4
Company Summary: QUANTA SERVICES INC - Financial Summary 6
Company Summary: QUANTA SERVICES INC - Officers 7
Company Summary: QUANTA SERVICES INC - Directors 8
Company Summary: QUANTA SERVICES INC - Industries 9
Company Summary: QUANTA SERVICES INC - Key Competitors 10
Company Summary: QUANTA SERVICES INC - Product Information 11
Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 13
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Business Description
19
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Financial Summary
20
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Officers
21
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Directors
22
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Industries
23
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Key Competitors
24
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Product Information
25
Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary
of QUANTA COMPUTER INC - Hoovers Company Profiles, 12/5/2012
26
Litigation: Practice Area Trends & Analysis 29
Litigation: Court Trends & Analysis 30
Litigation: Law Firm Size Trends & Analysis 31
Litigation: Docket and Opinion Trends & Analysis 32
Litigation: Law Firm Representation Trends & Analysis 33
Litigation: Presiding Judge Trends & Analysis 34
Litigation: Attorney Representation Trends & Analysis 35
Litigation: Legal Role Trends & Analysis 36
Litigation: Company Distribution Trends & Analysis 37
Litigation: Industry Distribution Trends & Analysis 38
Litigation: Source Documents 39
Litigation: Company Name Variations 42
Litigation: Source Description 43
M&A: Transaction Status Trends & Analysis 44
M&A: Value Range Trends & Analysis 45
M&A: Financial Advisor Trends & Analysis 46
M&A: Law Firm Representation Trends & Analysis 47
M&A: Law Firm Role Trends & Analysis 48
M&A: Attorney Representation Trends & Analysis 49
M&A: Company Distribution Trends & Analysis 50
M&A: Industry Distribution Trends & Analysis 51
M&A: Recent Company Documents 52
M&A: Headquarters Location Trends & Analysis 53
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 1

M&A: Acquirer Firm to Target Firm Analysis 54
M&A: Acquirer Firm to Target Attorney Analysis 55
M&A: Acquirer Attorney to Target Firm Analysis 56
M&A: Acquirer Attorney to Target Attorney Analysis 57
M&A: M&A Source Documents 58
M&A: Company Name Variations 59
M&A: Source Description 60
Patent Applications: Volume 61
Patent Applications: Filing Office Location 62
Patent Applications: Filing Office Location Heat Map 63
Patent Applications: International Classification 64
Patent Applications: Assignors 65
Patent Applications: Assignees 66
Patent Applications: Company Distribution Trends & Analysis 67
Patent Applications: Industry Distribution Trends & Analysis 68
Patent Applications: Application Documents 69
Patent Assignments: Volume 70
Patent Assignments: Law Firm 71
Patent Assignments: Company Distribution Trends & Analysis 72
Patent Assignments: Industry Distribution Trends & Analysis 73
Patent Assignments: Assignment Documents 74
Granted Patents: Volume 75
Granted Patents: Filing Office Location 76
Granted Patents: Filing Office Location Heat Map 77
Granted Patents: International Classification 78
Granted Patents: Derwent Classification 79
Granted Patents: Inventor Location 80
Granted Patents: Inventor Location Heat Map 81
Granted Patents: Assignors 82
Granted Patents: Assignees 83
Granted Patents: Company Distribution Trends & Analysis 84
Granted Patents: Industry Distribution Trends & Analysis 85
Granted Patents: Granted Patent Documents 86
PCT Filings: PCT Filings Documents 87
Patent: Company Name Variations 88
Patent: Source Description 89
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 2

Search Criteria
Company:
QUANTA SERVICES MANAGEMENT PARTNERSHIP LP
QUANTA SERVICES INC
Date Range: Last five years (12/2007 to 12/2012)
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 3

Company Summary: QUANTA SERVICES INC - Business Description
QUANTA SERVICES INC Business Description
Date: December 05, 2012
Location: 2800 Post Oak Blvd., Ste. 2600
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
Houston, TX77056-3023
United States
Phone: 713-629-7600
Fax: 713-629-7676
Toll-free:
Website: http://www.quantaservices.com
Ticker Information: Company Type: Public
Stock Exchange: NYSE Ticker Symbol: PWR
Business Description: To quickly quantify Quanta's services: This specialty contractor designs, installs, repairs, and
maintains networ k infrastructure in the US and Canada. The company serves the electric, natural
gas, oil pipeline, renewable energy, and telecommunications industries. Quanta, which was founded
in 1997, also owns fiber optic telecommunications infrastructure. Quanta's other services include
outsource management and other specialty work such as installing traffic and light rail control
systems, directional drilling, and constructing wind and solar power facilities. More than 65% of the
company's revenues come from its electric power infrastructure segment. It is exiting
telecommunications infrastructure services.
Quanta typically expands through acquisitions. Most recently the company has been focusing on
expanding its capabilities and growing internationally. In 2011 Quanta acquired Coe Drilling, a
horizontal directional drilling company in Australia. Canada also has been a target for growth for
Quanta. In another 2011 deal Quanta bought McGregor Construction, an electric power infrastructure
services company in Canada. Also that year Quanta acquired two other smaller businesses based in
British Columbia. Both mainly provided electric power infrastructure services. The deals enhanced
Quanta's previous electric power acquisition of Valard Construction in Canada. In a retreat from
telecommunications infrastructure services business, Quanta has agreed to sell substantially all of its
domestic telecommunications infrastructure services operations to Dycom Industries for $275 million.
The sale, which will allow Quanta to better focus on energy infrastructure, is expected to close by the
end of 2012.
Also in 2011 Quanta expanded its electric power infrastructure services in the US when it acquired
Utilimap, a provider of geographic information system utility asset management services.
Several trends in the market place present Quanta with opportunities to grow. Demand for electricity
in North America continues to increase. However, the electric power grid system is aging. Quanta is
positioned to make system upgrades and demand for its services should increase.
Renewable energy such as wind and solar also presents opportunities for Quanta. As demand for
those energy sources increases, so will demand for services such as transmission line installation
and project management.
Quanta also sees potential for growth in the natural gas segment. Development of gas shale
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 4

Company Summary: QUANTA SERVICES INC - Business Description (Continued)
QUANTA SERVICES INC - Business formations Description in North America has provided in an increase in supply of natural gas. More natural gasfired
power plants are expected to be built during the next two decades.
Quanta made an effort to grow in the natural gas sector when it acquired a 39% stake in Howard
Midstream Energy Partners in 2011. The company owns, operates and constructs midstream oil and
gas plant and pipeline facilities. The acquisition was made in order to position Quanta for more
opportunities in the development of the Texas Eagle Ford shale region.
Quanta has experienced a steady increase in demand for its services as the economy slowly
recovers. As more clients began to increase spending on infrastructure projects the company's
revenues also grew. In 2011 Quanta reported more than $4.6 billion in revenues (an increase of about
18%). Net income fell in 2011 due to a charge related to a pension plan withdrawal and other taxrelated
settlements.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 5

Company Summary: QUANTA SERVICES INC - Financial Summary
QUANTA SERVICES INC Financial Summary
Date: December 05, 2012
Fiscal Year End: December
Sales ($mil.): $4,623.8
One Year Sales Growth: 17.6%
2011 Net Income ($mil.): $132.5
One Year Income Growth: (13.5%)
2011 Employees: 17,500
One Year Employee Growth: 27.3%
Auditor (2012) PricewaterhouseCoopers LLP
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 6

Company Summary: QUANTA SERVICES INC - Officers
QUANTA SERVICES INC Officers
Date: December 05, 2012
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
Executive Chairman, John R. Colson, Age: 64, Salary: $824,006, Total Compensation: $3,283,296
President and CEO, James F. (Jim) O'Neil III, Age: 53, Salary: $411,994, Total Compensation: $1,114,239
CFO, Derrick A. Jensen, Age: 41, Salary: $251,463, Total Compensation: $790,912
EVP, James H. Haddox, Age: 63, Salary: $494,400, Total Compensation: $1,300,622
President, Natural Gas and Pipeline Division, Earl C. Austin Jr., Age: 42
President, Telecommunications and Cable Television, Kenneth W. (Ken) Trawick, Age: 64, Salary: $453,206, Total Compensation:
$1,146,229
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 7

Company Summary: QUANTA SERVICES INC - Directors
QUANTA SERVICES INC Directors
Date: December 05, 2012
Executive Chairman , John R. Colson , Age: 64
Director , Patrick Henry (Pat) Wood III , Age: 49
Director , Worthing F. Jackman , Age: 47
Director , J. Michal Conaway , Age: 63
Director , Bernard Fried , Age: 55
Director , Bruce E. Ranck , Age: 63
Director , Ralph R. DiSibio , Age: 70
Director , James R. Ball , Age: 69
Director , Louis C. Golm , Age: 70
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 8

Company Summary: QUANTA SERVICES INC - Industries
QUANTA SERVICES INC Industries
Date: December 05, 2012
Construction Sector
Specialty Contractors
Consumer Services
Electronic Equipment Repair Services
Professional Services Sector
Architectural & Engineering Services
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 9

Company Summary: QUANTA SERVICES INC - Key Competitors
QUANTA SERVICES INC Key Competitors
Date: December 05, 2012
EMCOR
Integrated Electrical Services
MYR Group
Cable Com
Comm-Works
Goldfield
Henkels & McCoy
Mass Electric
MDU Construction Services
Pike Electric Corporation
Dycom
MasTec
Tetra Tech
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 10

Company Summary: QUANTA SERVICES INC - Product Information
QUANTA SERVICES INC Product Information
Date: December 05, 2012
Production:
2011 Sales $ in mil. % of toal
US $4,088.8 88%
Canada & other $535.0 12%
Total $4,623.8 100%
Operations:
2011 Sales $ mil. % of total
Electric Power Services $3,029.7 66%
Natural gas & pipeline $1,024.8 22%
Telecommunications $457.3 10%
Fiber optic licensing $112.0 2%
Total $4,623.8 100%
Selected Products and Services:
Allteck Line Contractors,
Blair Park Services
Bradford Brothers
Can-Fer Utility Services
Computapole
Dacon Corporation
Dashiell Corporation
Dillard Smith Construction Company
Driftwood Electrical
EHV Power
Engineering Associates
Fiber Technologies
Golden State Utility Co.
H.L. Chapman Pipeline Construction
InfraSource Telecommunications Services
InfraSource Pipeline Facilities
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 11

Company Summary: QUANTA SERVICES INC - Product Information (Continued)
QUANTA SERVICES INC - Product Information
InfraSource Telecommunications Services
Intermountain Electric
Irby Construction Company
Longfellow Drilling Services
Manuel Brothers
Mears Group, Inc.
M.J. Electric
North Houston Pole Line
North Sky Communications
PAR Electrical Contractors
Parkside Utility Construction
Pauley Construction Company
Potleco
Price Gregory Services
Professional Teleconcepts
Quanta Energized Services
Quanta Government Solutions
Quanta Pipeline Services Engineering
Quanta Power Generation
Quanta Technology
Quanta Wireless Solutions
Realtime Engineers, Inc.
Ryan Company
Spalj Construction Company
Sumter Utilities
Sunesys
Trawick Construction Company
Underground Construction Company
Valard Construction
VCI Telecom
W.C. Communications
Winco Powerline Services
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 12

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012
Overview
Hoover's In-Depth Company Records
Date: December 05, 2012
Quanta Services, Inc.
To quickly quantify Quanta's services: This specialty contractor designs, installs, repairs, and maintains network infrastructure in the US
and Canada. The company serves the electric, natural gas, oil pipeline, renewable energy, and telecommunications industries. Quanta,
which was founded in 1997, also owns fiber optic telecommunications infrastructure. Quanta's other services include outsource
management and other specialty work such as installing traffic and light rail control systems, directional drilling, and constructing wind
and solar power facilities. More than 65% of the company's revenues come from its electric power infrastructure segment. It is exiting
telecommunications infrastructure services.
Quanta typically expands through acquisitions. Most recently the company has been focusing on expanding its capabilities and growing
internationally. In 2011 Quanta acquired Coe Drilling, a horizontal directional drilling company in Australia. Canada also has been a
target for growth for Quanta. In another 2011 deal Quanta bought McGregor Construction, an electric power infrastructure services
company in Canada. Also that year Quanta acquired two other smaller businesses based in British Columbia. Both mainly provided
electric power infrastructure services. The deals enhanced Quanta's previous electric power acquisition of Valard Construction in
Canada. In a retreat from telecommunications infrastructure services business, Quanta has agreed to sell substantially all of its
domestic telecommunications infrastructure services operations to Dycom Industries for $275 million. The sale, which will allow Quanta
to better focus on energy infrastructure, is expected to close by the end of 2012.
Also in 2011 Quanta expanded its electric power infrastructure services in the US when it acquired Utilimap, a provider of geographic
information system utility asset management services.
Several trends in the market place present Quanta with opportunities to grow. Demand for electricity in North America continues to
increase. However, the electric power grid system is aging. Quanta is positioned to make system upgrades and demand for its services
should increase.
Renewable energy such as wind and solar also presents opportunities for Quanta. As demand for those energy sources increases, so
will demand for services such as transmission line installation and project management.
Quanta also sees potential for growth in the natural gas segment. Development of gas shale formations in North America has provided in
an increase in supply of natural gas. More natural gas-fired power plants are expected to be built during the next two decades.
Quanta made an effort to grow in the natural gas sector when it acquired a 39% stake in Howard Midstream Energy Partners in 2011.
The company owns, operates and constructs midstream oil and gas plant and pipeline facilities. The acquisition was made in order to
position Quanta for more opportunities in the development of the Texas Eagle Ford shale region.
Quanta has experienced a steady increase in demand for its services as the economy slowly recovers. As more clients began to
increase spending on infrastructure projects the company's revenues also grew. In 2011 Quanta reported more than $4.6 billion in
revenues (an increase of about 18%). Net income fell in 2011 due to a charge related to a pension plan withdrawal and other tax-related
settlements.
Contact Information
2800 Post Oak Blvd., Ste. 2600
Houston, TX77056-3023
United States
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 13

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 (Continued)
QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012
Phone: 713-629-7600
Fax: 713-629-7676
Toll-free:
Website: http://www.quantaservices.com
Key Numbers
Fiscal Year End:
2011 Sales ($mil.): $4,623.8
One Year Sales Growth: 17.6%
2011 Sales ($mil.): $132.5
Sales ($mil.): 17,500
One Year Employee Growth: 27.3%
Auditor (2012) PricewaterhouseCoopers LLP
Stock
Company Type: Public
Stock Exchange: NYSE Ticker Symbol: PWR
Rankings
S&P 500 (October 1, 2012)513
Officers
Executive Chairman , John R. Colson , Age: 64 , Salary: $824,006 , Total Compensation: $3,283,296
President and CEO , James F. (Jim) O'Neil III , Age: 53 , Salary: $411,994 , Total Compensation: $1,114,239
CFO , Derrick A. Jensen , Age: 41 , Salary: $251,463 , Total Compensation: $790,912
EVP , James H. Haddox , Age: 63 , Salary: $494,400 , Total Compensation: $1,300,622
President, Natural Gas and Pipeline Division , Earl C. Austin Jr. , Age: 42
President, Telecommunications and Cable Television , Kenneth W. (Ken) Trawick , Age: 64 , Salary: $453,206 , Total
Compensation: $1,146,229
Directors
Executive Chairman , John R. Colson , Age: 64
Director , Patrick Henry (Pat) Wood III , Age: 49
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 14

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 (Continued)
QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012
Director , Worthing F. Jackman , Age: 47
Director , J. Michal Conaway , Age: 63
Director , Bernard Fried , Age: 55
Director , Bruce E. Ranck , Age: 63
Director , Ralph R. DiSibio , Age: 70
Director , James R. Ball , Age: 69
Director , Louis C. Golm , Age: 70
Product Information
Production:
2011 Sales $ in mil. % of toal
US $4,088.8 88%
Canada & other $535.0 12%
Total $4,623.8 100%
Operations:
2011 Sales $ mil. % of total
Electric Power Services $3,029.7 66%
Natural gas & pipeline $1,024.8 22%
Telecommunications $457.3 10%
Fiber optic licensing $112.0 2%
Total $4,623.8 100%
Selected Products
Allteck Line Contractors,
Blair Park Services
Bradford Brothers
Can-Fer Utility Services
Computapole
Dacon Corporation
Dashiell Corporation
Dillard Smith Construction Company
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 15

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 (Continued)
Driftwood QUANTA SERVICES Electrical INC - Hoovers Company Profiles, 12/5/2012
EHV Power
Engineering Associates
Fiber Technologies
Golden State Utility Co.
H.L. Chapman Pipeline Construction
InfraSource Telecommunications Services
InfraSource Pipeline Facilities
InfraSource Telecommunications Services
Intermountain Electric
Irby Construction Company
Longfellow Drilling Services
Manuel Brothers
Mears Group, Inc.
M.J. Electric
North Houston Pole Line
North Sky Communications
PAR Electrical Contractors
Parkside Utility Construction
Pauley Construction Company
Potleco
Price Gregory Services
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 16

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 (Continued)
QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012
Professional Teleconcepts
Quanta Energized Services
Quanta Government Solutions
Quanta Pipeline Services Engineering
Quanta Power Generation
Quanta Technology
Quanta Wireless Solutions
Realtime Engineers, Inc.
Ryan Company
Spalj Construction Company
Sumter Utilities
Sunesys
Trawick Construction Company
Underground Construction Company
Valard Construction
VCI Telecom
W.C. Communications
Winco Powerline Services
Key Competitors
EMCOR
Integrated Electrical Services
MYR Group
Cable Com
Comm-Works
Goldfield
Henkels & McCoy
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 17

Company Summary: QUANTA SERVICES INC - Hoovers Company Profiles, 12/5/2012 (Continued)
Mass QUANTA Electric SERVICES INC - Hoovers Company Profiles, 12/5/2012
MDU Construction Services
Pike Electric Corporation
Dycom
MasTec
Tetra Tech
Industry
Construction Sector
Specialty Contractors
Consumer Services
Electronic Equipment Repair Services
Professional Services Sector
Architectural & Engineering Services
History
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 18

Company Summary: QUANTA COMPUTER INC - Business Description
QUANTA COMPUTER INC Business Description
Date: December 05, 2012
Location: No. 211, Wen Hwa 2nd Rd.
Kueishan,
Taiwan
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
Phone: +886-3-327-2345
Fax: +886-3-327-8855
Toll-free:
Website: http://www.quantatw.com
Ticker Information: Company Type: Public
Stock Exchange: Ticker Symbol:
Business Description: Quanta Computer is one of the world's largest manufacturers of notebook computers. The company
also produces network servers , television set-top boxes, monitors, LCD TVs, and smartphones.
Quanta Computer's top customers include leading electronics vendors, such as Apple, Dell,
Gateway, Hewlett-Packard, Panasonic, and Sony. The company's other business units include
Quanta Storage Inc. (data storage products) and RoyalTek Company, Ltd. (personal navigation
devices and other GPS products). While well known for its notebooks and their smaller computer
cousins, the netbooks, Quanta Computer is diversifying into other consumer electronics and IT
products, such as Apple's iPod Touch.
The company's strategy is encapsulated in what it calls System Solution Design Manufacturing and
Move. The business model incorporates elements of electronics manufacturing services and original
design manufacturing, two similar but distinct services. The former involves companies that take a
design from a customer and manufacture the product to the customer's specifications. The latter
involves companies that design their own products, then tailor them for customers. The "move" in
Quanta Computer's operations incorporates logistics, configure-to-order manufacturing, direct order
fulfillment, and other value-added services.
In a tough year for the global economy as a whole, and the computer industry in particular, in 2009
Quanta Computer's sales fell by a mere 1% over 2008 levels. Its net income, however, rose by 10%
for the same period, a result of strict cost controls it put in place. For 2010, the company plans to
continue to diversify into areas outside of the notebook PC. The company is focusing its R&D efforts
on cloud computing, connectivity, and client devices. All three areas are part of a broader cloud
computing initiative that involves the design and manufacture of data storage products and servers (for
providing cloud-computing services), next-generation data networking products (for enabling
uninterrupted cloud-computing connections and service coverage), and client devices (for accessing
cloud networks).
In 2006 Quanta Display, an affiliate of Quanta Computer, was sold to rival display maker AU
Optronics in a $2.2 billion stock-swap transaction; Quanta Computer became AU's second largest
shareholder (after Qisda Corporation, which spun off BenQ in 2007) as a result.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 19

Company Summary: QUANTA COMPUTER INC - Financial Summary
QUANTA COMPUTER INC Financial Summary
Date: December 05, 2012
Fiscal Year End: December
Sales ($mil.): $36,443.5
One Year Sales Growth: (4.7%)
2011 Net Income ($mil.): $757.0
One Year Income Growth: 19.7%
2011 Employees: 108,872
One Year Employee Growth: 58.4%
Auditor (2012) KPMG
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 20

Company Summary: QUANTA COMPUTER INC - Officers
QUANTA COMPUTER INC Officers
Date: December 05, 2012
Chairman, Barry Lam
SVP and CFO, Tim Li
VP and Spokesperson, Elton Yang
Vice Chairman and President, C. C. Leung
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 21

Company Summary: QUANTA COMPUTER INC - Directors
QUANTA COMPUTER INC Directors
Date: December 05, 2012
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
There is no Company Summary information for this page from the most current Hoovers Company Profile report.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 22

Company Summary: QUANTA COMPUTER INC - Industries
QUANTA COMPUTER INC Industries
Date: December 05, 2012
Control, Electromedical, Measuring & Navigational Instruments Manufacturing
Search, Detection, Navigation & Guidance System Manufacturing
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 23

Company Summary: QUANTA COMPUTER INC - Key Competitors
QUANTA COMPUTER INC Key Competitors
Date: December 05, 2012
ASUSTeK
Compal Electronics
Hon Hai
China Techfaith
First International Computer
Foxconn International
MiTAC
Pegatron
Super Micro Computer
Wistron
BenQ
Celestica
Flextronics
Inventec
Tatung
TriGem
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 24

Company Summary: QUANTA COMPUTER INC - Product Information
QUANTA COMPUTER INC Product Information
Date: December 05, 2012
Production:
There is no Company Summary information for this section from the most current Hoovers Company Profile report.
Operations:
There is no Company Summary information for this section from the most current Hoovers Company Profile report.
Selected Products and Services:
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
There is no Company Summary information for this section from the most current Hoovers Company Profile report.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 25

Company Summary: QUANTA COMPUTER INC - Hoovers Company Profiles, 12/5/2012
Overview
Hoover's In-Depth Company Records
Date: December 05, 2012
Quanta Computer Inc.
Quanta Computer is one of the world's largest manufacturers of notebook computers. The company also produces network servers,
television set-top boxes, monitors, LCD TVs, and smartphones. Quanta Computer's top customers include leading electronics vendors,
such as Apple, Dell, Gateway, Hewlett-Packard, Panasonic, and Sony. The company's other business units include Quanta Storage
Inc. (data storage products) and RoyalTek Company, Ltd. (personal navigation devices and other GPS products). While well known for
its notebooks and their smaller computer cousins, the netbooks, Quanta Computer is diversifying into other consumer electronics and IT
products, such as Apple's iPod Touch.
The company's strategy is encapsulated in what it calls System Solution Design Manufacturing and Move. The business model
incorporates elements of electronics manufacturing services and original design manufacturing, two similar but distinct services. The
former involves companies that take a design from a customer and manufacture the product to the customer's specifications. The latter
involves companies that design their own products, then tailor them for customers. The "move" in Quanta Computer's operations
incorporates logistics, configure-to-order manufacturing, direct order fulfillment, and other value-added services.
In a tough year for the global economy as a whole, and the computer industry in particular, in 2009 Quanta Computer's sales fell by a
mere 1% over 2008 levels. Its net income, however, rose by 10% for the same period, a result of strict cost controls it put in place. For
2010, the company plans to continue to diversify into areas outside of the notebook PC. The company is focusing its R&D efforts on
cloud computing, connectivity, and client devices. All three areas are part of a broader cloud computing initiative that involves the design
and manufacture of data storage products and servers (for providing cloud-computing services), next-generation data networking products
(for enabling uninterrupted cloud-computing connections and service coverage), and client devices (for accessing cloud networks).
In 2006 Quanta Display, an affiliate of Quanta Computer, was sold to rival display maker AU Optronics in a $2.2 billion stock-swap
transaction; Quanta Computer became AU's second largest shareholder (after Qisda Corporation, which spun off BenQ in 2007) as a
result.
Contact Information
No. 211, Wen Hwa 2nd Rd.
Kueishan,
Taiwan
Phone: +886-3-327-2345
Fax: +886-3-327-8855
Toll-free:
Website: http://www.quantatw.com
Key Numbers
Fiscal Year End:
Copyright Hoover's Inc. ALL RIGHTS RESERVED. Austin, TX
Distributed only in accordance with licensing agreement.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 26

Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary of QUANTA
COMPUTER INC - Hoovers Company Profiles, 12/5/2012 (Continued)
QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary of QUANTA COMPUTER INC - Hoovers Company
2011 Profiles, Sales 12/5/2012 ($mil.): $36,443.5
One Year Sales Growth: (4.7%)
2011 Sales ($mil.): $757.0
Sales ($mil.): 108,872
One Year Employee Growth: 58.4%
Auditor (2012) KPMG
Stock
Company Type: Public
Stock Exchange: Ticker Symbol:
Rankings
Officers
Chairman , Barry Lam
SVP and CFO , Tim Li
VP and Spokesperson , Elton Yang
Vice Chairman and President , C. C. Leung
Directors
There is n o Company Summary information for this section from the most current Hoovers Company Profile report.
Product Information
Production:
There is no Company Summary information for this section from the most current Hoove rs Company Profile report.
Operations:
There is no Company Summary information for this section from the most current Hoovers Company Profile report.
Selected Products
There is no Company Summary information for this section from the most current Hoovers Company Profile report.
Key Competitors
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 27

Company Summary: QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary of QUANTA
COMPUTER INC - Hoovers Company Profiles, 12/5/2012 (Continued)
QUANTA SERVICES MANAGEMENT PARTNERSHIP LP, a subsidiary of QUANTA COMPUTER INC - Hoovers Company
ASUSTeK
Profiles, 12/5/2012
Compal Electronics
Hon Hai
China Techfaith
First International Computer
Foxconn International
MiTAC
Pegatron
Super Micro Computer
Wistron
BenQ
Celestica
Flextronics
Inventec
Tatung
TriGem
Industry
Control, Electromedical, Measuring & Navigational Instruments Manufacturing
Search, Detection, Navigation & Guidance System Manufacturing
History
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 28

Litigation: Practice Area Trends & Analysis
The Practice Area Trends & Analysis section uses West’s KeySearch topics to analyze litigation activity by practice area. The practice
area of an opinion is based on the topics that occur most frequently in the text of the opinion and the West headnotes. Litigation events
are analyzed by the overall share of events pertaining to a particular practice area and the number of events per year for each practice
area during the selected date range.
Practice Area Distribution
Practice Area Occurrences %
Torts/Negligence 27 56.3%
Employment/Labor 10 20.8%
Commercial Law and Contracts 5 10.4%
Insurance 3 6.3%
Intellectual Property - Patents 2 4.2%
Civil Rights 1 2.1%
View Report Online
Practice Area Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 29

Litigation: Court Trends & Analysis
The Court Trends & Analysis section displays the state and federal courts in which the company has litigated during the selected date
range. Litigation events are analyzed by the overall share of events litigated in a particular jurisdiction.
Courts Distribution
Courts Occurrences %
State Courts > California - State
Courts
10 18.2%
State Courts > Texas - State
Courts
10 18.2%
State Courts > Washington -
State Courts
7 12.7%
U.S. District Courts > Texas -
Federal Courts
7 12.7%
State Courts > Minnesota - State
Courts
3 5.5%
State Courts > Pennsylvania -
State Courts
3 5.5%
U.S. District Courts > Minnesota
- Federal Courts
3 5.5%
U.S. Courts of Appeal > United
States Court of Appeals, Fifth
Circuit
2 3.6%
U.S. District Courts > California -
Federal Courts
2 3.6%
Other Courts 8 14.5%
View Report Online
Courts Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 30

Litigation: Law Firm Size Trends & Analysis
The Law Firm Size Trends & Analysis section displays the sizes of law firms that have represented the companies included in this
report during the selected date range. The size of law firms is based on the total number of attorneys within the entire law firm, not an
individual office or geographic location. Law firm representation is analyzed by the overall share of events in which law firms of a
particular size represented the company and the number of litigation events per year for each size of law firm.
Law Firm Size Distribution
Law Firm Size Occurrences %
2 to 15 5 45.5%
101 to 250 3 27.3%
41 to 100 2 18.2%
751+ 1 9.1%
View Report Online
Law Firm Size Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 31

Litigation: Docket and Opinion Trends & Analysis
The Docket and Opinion Trends & Analysis section tracks a company’s litigation activity using cases that have been filed (dockets) and
cases where opinions have been issued (opinions). This section shows how many cases have been filed and how many opinions have
been issued for the selected date range.
Docket and Opinion Trend
*Data for partial year only
Docket and Opinion Breakdown Occurrences
Cases Filed (Dockets) 52
Cases Decided (Opinions) 3
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 32

Litigation: Law Firm Representation Trends & Analysis
The Law Firm Representation Trends & Analysis section displays the law firms that have represented companies in the litigation events
included in this report during the selected date range. Law firm representation is analyzed by the overall share of events associated with
a law firm and the number of events per year for each law firm.
Law Firm Representation Distribution
Law Firm Representation Profile Occurrences %
GUNN, LEE & CAVE, P.C. 2 16.7%
MUNSCH HARDT KOPF &
HARR, P.C.
2 16.7%
SUSMAN GODFREY LLP 2 16.7%
BRIGGS & MORGAN 1 8.3%
LEGGE, FARROW,
KIMMITT, MCGRATH &
BROWN L.L.P.
MCDONALD HOPKINS
LLC
MULLIGAN & BJORNNES
PLLP
MURRAY, DUNHAM &
MURRAY
WINSTON & STRAWN
LLP
1 8.3%
1 8.3%
1 8.3%
1 8.3%
1 8.3%
View Report Online
Law Firm Representation Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 33

Litigation: Presiding Judge Trends & Analysis
The Presiding Judge Trends & Analysis section shows the judges who have participated in the legal events in this report during the
selected date range. Litigation events are analyzed by a judge’s overall share of events and the number of events per year for each judge
during the selected date range.
Presiding Judges Distribution
Presiding Judges Profile Occurrences Percent
FRANK, HON.
DONOVAN W.
2 6.7%
GAUGHAN, HON.
PATRICIA ANNE
2 6.7%
HITTNER, HON. DAVID 2 6.7%
MILLER, HON. GRAY
HAMPTON
2 6.7%
NOEL, HON. FRANKLIN
L.
2 6.7%
ADELMAN, HON. LYNN
S.
1 3.3%
BABCOCK, HON. LEWIS
T.
1 3.3%
BENAVIDES, HON.
FORTUNATO PEDRO
1 3.3%
BRENNAN, HON.
EDMUND F.
1 3.3%
Other Judges 16 53.3%
View Report Online
Presiding Judges Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 34

Litigation: Attorney Representation Trends & Analysis
The Attorney Representation Trends & Analysis section displays the attorneys that have represented companies in the litigation events
included in this report during the selected date range. Attorney representation is analyzed by the overall share of events associated with
an attorney and the number of events per year for each attorney.
Attorney Representation Distribution
Attorney Representation Profile Occurrences Percent
HOFFER, STEWART
EDMOND
5 12.8%
FITZGERALD, BRENDAN
J.
4 10.3%
BOUTROUS, JAMES J. II 3 7.7%
FAUNTLEROY, J.
PARKER JR.
2 5.1%
LEE, TED D. 2 5.1%
LEVINE, MARK J. 2 5.1%
MAYER, ERIC JULIAN 2 5.1%
PAUL, MICHAEL D. 2 5.1%
RAYMOND, SHAWN L. 2 5.1%
Other Attorneys 15 38.5%
View Report Online
Attorney Representation Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 35

Litigation: Legal Role Trends & Analysis
The Legal Role Trends & Analysis section shows the Legal Roles of companies in the litigation events included in this report during the
selected date range. Litigation events are analyzed by the overall share of events for the particular role and the number of events per year
for such legal role.
Legal Roles Distribution
Legal Roles Occurrences %
Defendant 43 75.4%
Plaintiff 10 17.5%
Counter-Claimant 1 1.8%
Counter-Defendant 1 1.8%
Cross-Defendant 1 1.8%
Petitioner 1 1.8%
View Report Online
Legal Roles Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 36

Litigation: Company Distribution Trends & Analysis
The Company Distribution and Trends section displays the companies represented in this report during the selected date range. This
section includes both public and private corporations that are currently in business. Litigation events are analyzed by the overall share of
events litigated by a particular company and the number of litigation events per year for each company during the selected date range.
Company Distribution
Company Occurrences %
QUANTA SERVICES INC 55 98.2%
QUANTA SERVICES
MANAGEMENT PARTNERSHIP
LP
1 1.8%
View Report Online
Company Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 37

Litigation: Industry Distribution Trends & Analysis
The Industry Distribution Trends & Analysis section displays the industries represented in this report during the selected date range.
Litigation events are analyzed by the overall share of events litigated by parties within a particular industry and the number of litigation
events per year for such industry.
Industry Occurrences %
Construction 55 100.0%
View Report Online
Industry Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 38

Litigation: Source Documents
The Source Documents section lists up to 250 of the most recent dockets or opinions for the litigation events included in this report. To
view the full text of a document on Westlaw, click its citation.
No. Document Title Doc. Type KNOS Court State Date WL Citation
1. HOOPER v. IRBY CONSTRUCTION COMPANY
ET AL
Docket 430.75.25 - Torts/Negligence ->
Personal Injury -> Other Federal
Actions
U.S. - District Court -
Texas W.D.
TX 11/26/20125:12-CV-01108
2. MCKAY ET AL v. WINCO, INC. ET AL Docket 430.75.25 - Torts/Negligence -> U.S. - District Court - WV 10/15/20122:12-CV-00072
Personal Injury -> Other Federal
Actions
West Virginia N.D.
3. UNITED STATES OF AMERICA v. QUANTA Docket 390.65 - Real Property -> Torts to U.S. - District Court - CA 08/03/20122:12-CV-02043
SERVICES, ET AL
Land
California E.D.
4. UNITED STATES OF AMERICA v. QUANTA Docket 390.65 - Real Property -> Torts to U.S. - District Court - CA 08/03/20122:12-AT-01081
SERVICES, INC. ET AL
Land
California E.D.
5. Quanta Services, Inc. v. Liveline Solutions, Opinion - U.S. - District Court - TX 07/30/2012 2012 WL
Inc.
Texas S.D.
3100402
6. UGI PENN NATURAL GAS INC v.
Docket 430 - Torts/Negligence Pennsylvania - Court PA 07/19/2012 201206567
INFRASOURCE UNDERGROUND SERVICES
of Common Pleas -
LLC
Bucks County
7. OCHOA, SERGIO v. QUANTA SERVICES INC Docket 430.75.15 - Torts/Negligence -> Texas - District Court - TX 06/08/2012 201233623
(AN INDIVIDUAL)
Personal Injury -> Motor Vehicle Harris County
8. BROWN v. DEPARTMENT OF LABOR & Docket - Washington - Superior WA 05/16/2012 12-2-01115-1
INDUSTRIES
Court - Kitsap County
9. SUNEDISON CANADIAN CONSTRUCTION LP Docket 130.05 - Contracts -> Breach of Texas - District Court - TX 03/30/2012 201219184
v. QUANTA SERVICES INC
Contract
Harris County
10. LANDERS v. BLAIR PARK SERVICES Docket 430.73 - Torts/Negligence -> California - Superior CA 03/05/2012 RIC1203100
Nuisance
Court - Riverside
County
11. MORA v. ALTEC INDUSTRIES ETAL Docket 430.85 - Torts/Negligence -> California - Superior CA 12/27/2011CIVVS1106233
Product Liability
Court - San Bernardino
County
12. GUILLEN v. CASTELLANOS Docket 430.75.15 - Torts/Negligence -> California - Superior CA 12/05/2011CIVDS1114118
Personal Injury -> Motor Vehicle Court - San Bernardino
County
13. QUANTA SERVICES INC v. BROWN Docket - Washington - Superior
Court - Kitsap County
WA 11/01/2011 11-2-02420-4
14. HERRERA v. UTILIMAP CORPORATION ET AL Docket 190.25 - Labor & Employment -> U.S. - District Court - TX 11/01/20114:11-CV-03851
FLSA
Texas S.D.
15. THOMAS ROGERS v. PAR ELECTRICAL Docket 110.25 - Civil Rights -> Employment U.S. - Court of Appeals 10/20/2011 11-4123
CONTRACTORS, IN, ET AL
- 6th Circuit
16. PAR ELECTRICAL CONTRACTORS INC v. Docket 130.25 - Contracts -> Insurance California - Superior CA 08/05/2011 37-2011-
ACE PROPERTY AND CASUALTY COMPANY
Court - San Diego
00095846-CU-
County
IC-CTL
17. DOWLING v. XCEL ENERGY ET AL Docket 110.25 - Civil Rights -> Employment U.S. - District Court -
Colorado
CO 07/06/20111:11-CV-01776
18. QUANTA SERVICES, INC. ET AL v. LIVELINE Docket 260.10 - Intellectual Property -> U.S. - District Court - TX 06/24/20114:11-CV-02398
SOLUTIONS, INC. ET AL
Patent
Texas S.D.
19. ACE PROPERTY AND CASUALTY
Docket 130.25 - Contracts -> Insurance U.S. - District Court - TX 04/15/20114:11-CV-01458
INSURANCE COMPANY v. PAR ELECTRICAL
CONTRACTORS, INC ET AL
Texas S.D.
20. QUANTA SERVICES INC v. BROWN Docket - Washington - Superior
Court - Kitsap County
WA 12/14/2010 10-2-02848-1
21. THOMPSON v. POTEL CO INC Docket 430.72 - Torts/Negligence -> Motor Washington - Superior WA 12/03/2010 10-2-42131-9
Vehicle
Court - King County
22. THOMPSON v. POTELCO INC Docket 430.72 - Torts/Negligence -> Motor Washington - Superior WA 12/03/2010 10-2-42173-4
Vehicle
Court - King County
23. UGI UTILITIES INC v. VERIZON
Docket 430.75 - Torts/Negligence -> Pennsylvania - Court PA 11/04/2010 201011365
PENNSYLVANIA INC
Personal Injury
of Common Pleas -
Bucks County
24. AT&T CORP. v. NORTH HOUSTON POLE Docket - Texas - District Court - TX 11/01/2010 CV-10-1823
LINE, L.P., QUANTA SERVICES, INC.
Grayson County
25. TRISTA MEEHAN, AMERICAN FAMILY
Docket 430.75 - Torts/Negligence -> Minnesota - District MN 10/21/2010 62-CV-10-
MUTUAL INSURANCE COMPANY v.
NORTHERN STATES POWER COMPANY,
D/B/A XCEL ENERGY INC, XCEL ENERGY
INC, INFRASOURCE UNDERGROUND
CONSTRUCTION INC, QUANTA SERVICES
Personal Injury
Court - Ramsey County
10253
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 39

Litigation: Source Documents (Continued)
Source INCDocuments
26. HARROD v. QUANTA SERVICES, INC. Docket 430.75.25 - Torts/Negligence ->
Personal Injury -> Other Federal
Actions
27. AMY HARROD, AS TRUSTEE FOR THE HEIRS
AND NEXT OF KIN OF RUSSELL HAMPTON
HARROD v. QUANTA SERVICES INC
28. CLEAN DIESEL INC v. QUANTA SERVICES
INC (DBA NORTH HOUSTON POLE LINE L
29. GUSTAFSON ET AL v. QUANTA SERVICES
INC ET AL
30. ROGERS v. PAR ELECTRICAL
CONTRACTORS, INC. ET AL
31. LLOYD EATON v. QUANTA SERVICES INC,
ET AL
Docket 430.95 - Torts/Negligence ->
Wrongful Death
U.S. - District Court -
Minnesota
Minnesota - District
Court - Sherburne
County
MN 10/12/20100:10-CV-04208
MN 09/30/2010 71-CV-10-
1582
Docket - Texas - District Court -
Harris County
TX 08/20/2010 201052336
Docket 430.75.15 - Torts/Negligence -> U.S. - District Court - WI 07/23/20102:10-CV-00628
Personal Injury -> Motor Vehicle Wisconsin E.D.
Docket 110.25 - Civil Rights -> Employment U.S. - District Court -
Ohio N.D.
OH 06/23/20101:10-CV-01402
Docket 430.75 - Torts/Negligence -> Texas - District Court - TX 06/17/2010 DC-10-07444
Personal Injury
Dallas County
32. Horn v. Quanta Services, Inc. Opinion - U.S. - District Court - TX 05/27/2010 2010 WL
Texas S.D.
2196274
33. ROGERS THOMAS M v. PAR ELECTRICAL Docket - Ohio - Court of
OH 05/25/2010 10CV001561
CONTRACTORS INC ET AL
Common Pleas - Lake
County
34. SOUTHERN CALIFORNIA EDISON v. NEW Docket 430.75.20 - Torts/Negligence -> California - Superior CA 04/23/2010 RIC10007631
VISION
Personal Injury -> Non-Motor Court - Riverside
Vehicle
County
35. GREG KRIZAN v. QUANTA SERVICES INC, Docket 190 - Labor & Employment Minnesota - District MN 04/16/2010 27-CV-10-
INFRASOURCE SERVICES INC
Court - Hennepin
County
8307
36. KRIZAN v. QUANTA SERVICES, INC. ET AL Docket 130.55 - Contracts -> Other U.S. - District Court - MN 04/16/20100:10-CV-01642
Contract
Minnesota
37. EATON, LLOYD v. QUANTA SERVICES INC Docket 430.75.20 - Torts/Negligence -> Texas - District Court - TX 03/26/2010 201019505
Personal Injury -> Non-Motor
Vehicle
Harris County
38. CHRISSY CRAM v. WINCO INC ET AL Docket 190 - Labor & Employment California - Superior
Court - Los Angeles
County
CA 03/18/2010 BC434113
39. QUANTA SERVICES INC v. BADESSA, JOHN Docket - Texas - District Court -
Harris County
TX 03/16/2010 201017274
40. CONNIE JEAN DUNCAN v. RICHARD ALFRED Docket 430.75.15 - Torts/Negligence -> California - Superior CA 12/04/2009 CIVRS913322
JOHNSON
Personal Injury -> Motor Vehicle Court - San Bernardino
County
41. KENNETH COOKS v. JOSEPH CLAIBORNE, ET Docket 430.72 - Torts/Negligence -> Motor Texas - District Court - TX 06/22/2009 DC-09-07865
AL
Vehicle
Dallas County
42. HORN v. QUANTA SERVICES, INC. ET AL Docket 110.25 - Civil Rights -> Employment U.S. - District Court -
Texas S.D.
TX 05/19/20094:09-CV-01514
43. GALLAGHER BASSETT SERVICES INC v. Docket 430.75 - Torts/Negligence -> Washington - Superior WA 05/12/2009 09-2-05135-4
EXTENDED STAY AMERICA
Personal Injury
Court - Snohomish
County
44. HORN, JUSTIN v. QUANTA SERVICES INC Docket 110.20 - Civil Rights ->
Texas - District Court - TX 04/17/2009 200924327
Discrimination
Harris County
45. TIBERCIO CALDERON MORRENO v. DAVID M Docket 130.05 - Contracts -> Breach of California - Superior CA 03/13/2009 37-2009-
KUPFER
Contract
Court - San Diego
00085193-CL-
130.10 - Contracts -> Breach of
Warranty
County
BC-CTL
46. OLSON v. POTELCO INDUSTRIES Docket - Washington - Superior
Court - Whatcom
County
WA 02/19/2009 09-2-00487-7
47. FAIRVIEW HEALTH SERVICES v. QUANTA Docket 190.15 - Labor & Employment -> U.S. - District Court - MN 12/22/20080:08-CV-06458
SERVICES MEDICAL PLAN ET AL
ERISA
Minnesota
48. Quanta Services Inc. v. American
Opinion - U.S. - Court of Appeals 12/02/2008 2008 WL
Administrative Group Inc.
- 5th Circuit
5068804
49. EQUITABLE GAS COMPANY v. VERIZON OF Docket 130 - Contracts Pennsylvania - Court PA 07/16/2008 GD-08-014432
PENNSYLVANIA I
of Common Pleas -
Allegheny County
50. KAREN LAPE v. AARON LINSS Docket 430.75.15 - Torts/Negligence -> California - Superior CA 07/10/2008 30-2008-
Personal Injury -> Motor Vehicle Court - Orange County
00109072-CU-
430.87.05 - Torts/Negligence ->
Property Damage -> Motor Vehicle
430.95.05 - Torts/Negligence ->
Wrongful Death -> Motor Vehicle
PA-CJC
51. KOZLOWSKI ET AL v. GREENACRE ET AL Docket 430.75.15 - Torts/Negligence -> U.S. - District Court - WA 07/02/20082:08-CV-03041
Personal Injury -> Motor Vehicle Washington E.D.
52. MCQUEARY, THOMAS P v. NORTH Docket 430.75.15 - Torts/Negligence -> Texas - District Court - TX 05/19/2008 200830807
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 40

Litigation: Source Documents (Continued)
Source Documents
HOUSTON POLE LINE L P Personal Injury -> Motor Vehicle Harris County
53. QUANTA SERVICES v. AMERICAN ADMIN Docket 130.55 - Contracts -> Other U.S. - Court of Appeals
GROUP
Contract
- 5th Circuit
54. QUANTA SERVICES INC v. XAM ELLIOTT Docket 430.72 - Torts/Negligence -> Motor Oklahoma - District
KETCHUM ANDJACK LEONARD NORRIS
Vehicle
Court - Tulsa County
55. QUANTA SERVICES INC ETAL v. RANDALL Docket - California - Superior
SOULE ETAL
Court - San Bernardino
County
04/21/2008 08-20252
OK 03/28/2008 CJ-2008-2337
CA 02/11/2008 CIVRS801316
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 41

Litigation: Company Name Variations
The Company Name Variations section displays company names used by the company in legal and business transactions during the
selected date range, as found in legal source documents such as dockets and cases.
Company Subsidiary Company Name Variation
QUANTA COMPUTER INC QUANTA SERVICES INC PWR QUANTA SERVICES
QUANTA QUANTA SERVICES
QUANTA SERVICES
QUANTA SERVICES INC
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 42

Litigation: Source Description
Thomson West retrieves information about lawyers, law firms, roles, representation, and parties from Westlaw® documents, including
case opinions and dockets, as follows:
● U.S. federal circuit court dockets filed in all U.S. Courts of Appeal, from 1998 to present, updated daily.
● U.S. federal district court dockets on active and inactive civil and criminal cases filed in U.S. district courts nationwide, from 2000 to
present, updated daily.
● Federal case law decisions from the U.S. Supreme Court, courts of appeals, former circuit courts, district courts, bankruptcy
courts, former Court of Claims, Court of Federal Claims, Tax Court, related federal courts and military courts, from 1990 to present,
updated daily.
● State case law decisions from all state supreme courts and courts of appeals, from 1990 to present, updated daily. State docket
coverage varies by court. For a full list of state docket coverage see the link below.
State Docket Coverage
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 43

M&A: Transaction Status Trends & Analysis
The Transaction Status Trends & Analysis section classifies the status of the mergers and acquisitions included in this report during the
selected date range. Mergers and acquisitions are analyzed by status for value trends, number of transactions, and overall share of
transactions in each status category.
Transaction Status
Value
(Millions)
Deals Average
(Millions)
Completed $844.94 3 $281.65 100.0%
%
View Report Online
Transaction Status Deal Value Trends
*Data for partial year only
Transaction Status Deal Count Trends
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 44

M&A: Value Range Trends & Analysis
The Value Range Trends & Analysis section shows the value range of transactions in this report. Value ranges are analyzed for value
trends, number of transactions, and overall share of transactions during the selected date range.
Value Range Distribution
Value Range
Value
(Millions)
Deals Average
(Millions)
$250MM-$1,000MM $625.02 2 $312.51 74.0%
$100MM-$250MM $219.93 1 $219.93 26.0%
%
View Report Online
Value Range Deal Value Trends
Value Range Deal Count Trends
*Data for partial year only
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 45

M&A: Financial Advisor Trends & Analysis
The Financial Advisor Trends & Analysis section displays the financial advisors for the transactions listed in this report during the
selected date range. Transactions are analyzed by the overall share of events associated with a particular financial advisor and the
number of transactions per year for each financial advisor.
Financial Advisor Distribution
Financial Advisor
Value
(Millions)
Deals Average
(Millions)
JP MORGAN $350.02 1 $350.02 56.0%
STEPHENS INC $275.00 1 $275.00 44.0%
%
View Report Online
Financial Advisor Deal Value Trends
*Data for partial year only
Financial Advisor Deal Count Trends
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 46

M&A: Law Firm Representation Trends & Analysis
The Law Firm Representation Trends & Analysis section displays law firms who represented parties in transactions included in this
report during the selected date range. Transactions are analyzed by law firm for value trends, number of transactions, and overall share
of transactions for each law firm.
Law Firm Representation Distribution
Law Firm
BAKER &
HOSTETLER LLP
BAKER &
HOSTETLER LLP
FASKEN
MARTINEAU
DUMOULIN LLP
Value
(Millions)
Deals
Average
(Millions)
%
$350.02 1 $350.02 38.0%
$350.02 1 $350.02 38.0%
$219.93 1 $219.93 23.9%
View Report Online
Law Firm Representation Deal Value Trends
Law Firm Representation Deal Count Trends
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 47

M&A: Law Firm Role Trends & Analysis
The Law Firm Role Trends & Analysis section shows law firms' roles for transactions analyzed in this report during the selected date
range. Law firm roles are analyzed for value trends, number of transactions, and overall share of transactions.
Law Firm Representation Role Distribution
Law Firm Role
Value
(Millions)
Deals Average
(Millions)
Acquirer $569.94 2 $284.97 67.5%
Target $275.00 1 $275.00 32.5%
%
View Report Online
Law Firm Representation Role Deal Value Trends
*Data for partial year only
Law Firm Representation Role Deal Count Trends
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 48

M&A: Attorney Representation Trends & Analysis
The Attorney Representation Trends & Analysis section displays attorneys who represented parties in transactions included in this
report during the selected date range. Transactions are analyzed by attorney for value trends, number of transactions, and overall share
of transactions for each attorney.
Attorney
SHEARER, W.
ROBERT
Value
(Millions)
Deals
Average
(Millions)
%
$350.02 1 $350.02 100.0%
View Report Online
Attorney Representation Deal Value Trends
Attorney Representation Deal Count Trends
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 49

M&A: Company Distribution Trends & Analysis
The Company Distribution Trends & Analysis section displays the companies represented in this report during the selected date range.
This section includes both public and private corporations that are currently in business. Events are analyzed by the share of
transactions involving a particular company and the number of transaction events per year for each company during the selected date
range.
Company
QUANTA
SERVICES INC
Value
(Millions)
Deals
Average
(Millions)
%
$844.94 3 $281.65 100.0%
View Report Online
Company Deal Value Trends
Company Deal Count Trends
*Data for partial year only
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 50

M&A: Industry Distribution Trends & Analysis
The Industry Distribution Trends & Analysis section displays the industries associated with the parties to the the mergers and
acquisitions included in this report. The identification of industry for each party is based on the company's primary industry.
Transactions are analyzed by the overall share of transactions associated with a particular industry and the number of transactions per
year for each industry during the selected date range.
Industry
Value
(Millions)
Deals Average
(Millions)
Construction $844.94 3 $281.65 100.0%
%
View Report Online
Industry Deal Value Trends
Industry Deal Count Trends
*Data for partial year only
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 51

M&A: Recent Company Documents
The Recent Company Documents section lists the companies included in this report based on the search and refinement criteria and
the requested date range. To provide a view of all of such companies' M&A activities, this section identifies the 10 most recent
documents related to the companies' most recent M&A activities. The documents may not be related to the refinements or criteria
limiting other sections of this report. To view an abstract of the filings or the filings associated with a transaction, click the appropriate
link in the Business Law Solutions column. To view the full list, click on the link below.
Company
Document
Date
Business
Law
Solutions
QUANTA SERVICES INC $844.94MM
11/19/2012 Abstract Filings $275.00MM
Value
10/22/2010 Abstract Filings $219.93MM
09/02/2009 Abstract Filings $350.02MM
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 52

M&A: Headquarters Location Trends & Analysis
The Headquarters Location Trends & Analysis section displays the headquarters locations for companies involved in the transactions
listed in this report. Transactions are analyzed by headquarters location for value trends, number of transactions, and overall share of
transactions for each location.
Headquarters
Location
United States of
America
Value
Average
Deals
(Millions) (Millions)
%
$844.94 3 $281.65 100.0%
View Report Online
Deal Location Value Trends
Deal Location Counts Trend
*Data for partial year only
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 53

M&A: Acquirer Firm to Target Firm Analysis
The Acquirer Firm to Target Firm Analysis section shows the relationship between an acquirer’s law firms and the target’s law firms.
This chart shows the total value, average value, and total number of transactions between these parties for transactions analyzed in this
report for the selected date range.
Acquirer Firm Target Firm
Value
(Millions)
Deals
Average
(Millions)
BAKER & HOSTETLER LLP VINSON & ELKINS LLP $350.02 1 $350.02
BAKER & HOSTETLER LLP VINSON & ELKINS LLP $350.02 1 $350.02
FASKEN MARTINEAU DUMOULIN LLP Undesignated Law Firm $219.93 1 $219.93
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 54

M&A: Acquirer Firm to Target Attorney Analysis
The Acquirer Firm to Target Attorney Analysis section shows the relationship between an acquirer’s law firm and the target’s attorneys.
This chart shows the total value, average value, and total number of transactions between these parties for transactions analyzed in this
report for the selected date range.
Acquirer Firm Target Attorney
Value
(Millions)
Deals
Average
(Millions)
BAKER & HOSTETLER LLP Undesignated Attorney $350.02 1 $350.02
BAKER & HOSTETLER LLP STROCK, WILLIAM MATTHEW
VINSON & ELKINS LLP
$350.02 1 $350.02
BAKER & HOSTETLER LLP Undesignated Attorney $350.02 1 $350.02
BAKER & HOSTETLER LLP STROCK, WILLIAM MATTHEW
VINSON & ELKINS LLP
$350.02 1 $350.02
FASKEN MARTINEAU DUMOULIN LLP Undesignated Attorney $219.93 1 $219.93
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 55

M&A: Acquirer Attorney to Target Firm Analysis
The Acquirer Attorney to Target Firm Analysis section shows the relationship between an acquirer’s attorneys and the target’s law firms.
This chart shows the total value, average value, and total number of transactions between these parties for transactions analyzed in this
report for the selected date range.
Acquirer Attorney Target Firm
Value
(Millions)
Deals Average (Millions)
SHEARER, W. ROBERT
BAKER & HOSTETLER LLP
VINSON & ELKINS LLP $350.02 1 $350.02
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 56

M&A: Acquirer Attorney to Target Attorney Analysis
The Acquirer Attorney to Target Attorney Analysis section shows the relationship between an acquirer’s attorneys and the target’s
attorneys. This chart shows the total value, average value, and total number of transactions between these parties for transactions
analyzed in this report for the selected date range.
Acquirer Attorney Target Attorney
Value
(Millions)
Deals Average (Millions)
SHEARER, W. ROBERT
BAKER & HOSTETLER LLP
Undesignated Attorney $350.02 1 $350.02
SHEARER, W. ROBERT
STROCK, WILLIAM MATTHEW
$350.02 1 $350.02
BAKER & HOSTETLER LLP
VINSON & ELKINS LLP
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 57

M&A: M&A Source Documents
The M&A Source Documents List identifies up to the most recent 250 documents relating to a merger or acquisition included in this
report during the selected date range. To view an abstract of the filings or the filings associated with a transaction, click the appropriate
link in the Business Law Solutions column.
No. Date Target Acquirer
Business
Law
Solutions
Value
1. 11/19/2012 QUANTA SERVICES INC DYCOM INDUSTRIES INC Abstract Filings $275.00MM
2. 10/22/2010 VALARD CONSTRUCTION LTD QUANTA SERVICES, INC Abstract Filings $219.93MM
3. 09/02/2009 PRICE GREGORY SERVICES INC QUANTA SERVICES, INC Abstract Filings $350.02MM
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 58

M&A: Company Name Variations
The Company Name Variations section displays the various company names under which the company has done business, as found in
the intellectual property source documents during the selected date range.
Company Subsidiary Company Name Variation
QUANTA COMPUTER INC QUANTA SERVICES INC PWR QUANTA SERVICES
QUANTA QUANTA SERVICES
QUANTA SERVICES
QUANTA SERVICES INC
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 59

M&A: Source Description
WestMonitor Merger & Acquisition Profiles present analytical information on merger and acquisition transactions from US and
International private and public deals. Profiles include metrics on acquired and acquiring companies, deal values, legal counsels and
financial advisors.
Profiles include change of control transactions, as well as significant acquisitions or sale of assets, equity, subsidiaries or business
divisions. Profiles describe deals involving public and private, U.S. and non-U.S. companies of $1 million dollars or more.
Mergers and Acquisitions information present in the profiles is derived from Business Law Solutions, a product of Thomson Reuters
Accelus. Additionally metrics on Canadian mergers and acquisitions including information on parties, financial advisors, lawyers, law
firms, and their respective roles are derived from reports from Canadian law firms and published in LEXPERT Magazine from 1991 to
present.
Metrics on Mergers and Acquisitions derived from Business Law Solutions includes tractions initiated on the following forms and
documents:
● 14D-1s from 7/96 to present
● S-4s from 7/96 to present
● F-4s from 7/99 to present
● 8-Ks from 11/99 to present
● 6-Ks from 1/00 to present
● Forms TO from 1/00 to present
● Annual Reports from 01/07 to present
Other data sources, including un-filed press releases, are occasionally used based on available form types and documentation.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 60

Patent Applications: Volume
The Applications: Volume Trends & Analysis section shows intellectual property activity by tracking patent applications that have been
filed during the selected date range.
Occurrences %
Applications 1 100.0%
View Report Online
Volume Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 61

Patent Applications: Filing Office Location
The Applications:Filing Office Location section displays patent applications by country in which the patent office is located. Patent
applications are analyzed by the number of patent applications per country, overall share of patent applications associated with a
particular country, the number of patent applications from a particular country each year, and overall growth rate of patent applications
associated with each country during the selected date range.
Filing Office Location Occurrences %
Australia 1 100.0%
Accumulative Total 1 100.0%
View Report Online
Filing Office Location Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 62

Patent Applications: Filing Office Location Heat Map
The Applications:Filing Office Location Heat Map section displays patent applications by country in which the patent office is located.
Patent applications are analyzed by the number of patent applications per country, overall share of patent applications associated with a
particular country, the number of patent applications from a particular country each year, and overall growth rate of patent applications
associated with each country during the selected date range.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 63

Patent Applications: International Classification
The Applications: Classification section displays patent applications by classification type. Patents applications are analyzed by the
number of patent applications, overall share of patent applications associated with a particular classification, and the number of patent
applications with a particular classification each year during the selected date range. Three classification types are available: Derwent,
International and the U.S. Classification.
Classification Type Occurrences %
H: SECTION H ELECTRICITY 1 100.0%
Accumulative Total 1 100.0%
View Report Online
Classification Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 64

Patent Applications: Assignors
The Applications: Assignors section displays assignors which have assigned patent applications during the selected date range. Patent
assignments are analyzed by assignor for trends over time and overall share of events.
Assignors Occurrences %
QUANTA SERVICES OF CANADA
LTD
6 100.0%
Accumulative Total 6 100.0%
View Report Online
Assignor Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 65

Patent Applications: Assignees
The Applications: Assignees section displays assignees which have been assigned patent applications during the selected date range.
Patent assignments are analyzed by assignee for trends over time and overall share of events.
Assignees Occurrences %
QUANTA SERVICES INC 7 100.0%
Accumulative Total 7 100.0%
View Report Online
Assignee Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 66

Patent Applications: Company Distribution Trends & Analysis
The Company Distribution Trends & Analysis section displays the companies represented in this report during the selected date range.
This section includes both public and private corporations that are currently in business. Patent events are analyzed by the overall share
of events associated with a particular company and the number of events per year for each company.
Company Occurrences %
QUANTA SERVICES INC 1 100.0%
Accumulative Total 1 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 67

Patent Applications: Industry Distribution Trends & Analysis
The Industry Distribution Trends & Analysis section displays the industries associated with the patent events in this report during the
selected date range. Patent events are analyzed by the overall share of events associated with a particular industry and the number of
events per year for each industry.
Name Occurrences %
Construction 1 100.0%
Accumulative Total 1 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 68

Patent Applications: Application Documents
No. Title Patent Number Type of Document Application Date Westlaw Links
1. High voltage conductor replacing and handling method in
power transmission system, involves bypassing current to
selected portion of primary conductor, by transferring
power load between conductor dead ends through
secondary conductor
2012203376 Derwent World Patents
Legal
04/15/2011 Abstract
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 69

Patent Assignments: Volume
The Assignments: Volume Trends & Analysis section shows intellectual property activity by tracking patent assignments that have been
filed during the selected date range.
Occurrences %
Assignments 5 100.0%
View Report Online
Volume Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 70

Patent Assignments: Law Firm
The Assignments: Law Firm section displays patent assignments by associated law firm. Patent assignments are analyzed by the
number of patent assignments per law firm, overall share of patent assignments associated with a particular law firm, and the number of
patent assignments associated with a particular law firm each year during the selected date range.
Law Firm Profile Occurrences %
BAKER & HOSTETLER
LLP
1 100.0%
Accumulative Total 1 100.0%
View Report Online
Law Firm Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 71

Patent Assignments: Company Distribution Trends & Analysis
The Company Distribution Trends & Analysis section displays the companies represented in this report during the selected date range.
This section includes both public and private corporations that are currently in business. Patent events are analyzed by the overall share
of events associated with a particular company and the number of events per year for each company.
Company Occurrences %
QUANTA SERVICES INC 7 100.0%
Accumulative Total 7 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 72

Patent Assignments: Industry Distribution Trends & Analysis
The Industry Distribution Trends & Analysis section displays the industries associated with the patent events in this report during the
selected date range. Patent events are analyzed by the overall share of events associated with a particular industry and the number of
events per year for each industry.
Name Occurrences %
Construction 7 100.0%
Accumulative Total 7 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 73

Patent Assignments: Assignment Documents
No. Assignee Assignor Patent Number(s) Type of Document Assignment Date Westlaw Links
1. QUANTA SERVICES QUANTA SERVICES OF
INC.
CANADA LTD.
2. QUANTA QUANTA SERVICES OF
SERVICES, INC. CANADA LTD.
3. QUANTA QUANTA SERVICES OF
SERVICES, INC. CANADA LTD.
4. QUANTA QUANTA SERVICES OF
SERVICES, INC. CANADA LTD.
5. QUANTA SERVICES O'CONNELL, DANIEL N.,
CLIFFORD W., DEVINE
20100133490, 20090206305 Assignment 08/30/2011 Abstract
20100133490, 20090206305 Assignment 08/24/2011 Abstract
6837671 Assignment 08/05/2011 Abstract
7977571 Assignment 06/03/2011 Abstract
7535132 Assignment 07/14/2008 Abstract
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 74

Granted Patents: Volume
The Granted Patents: Volume Trends & Analysis section shows intellectual property activity by tracking patents that have been granted
during the selected date range.
Occurrences %
Granted Patents 7 100.0%
View Report Online
Volume Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 75

Granted Patents: Filing Office Location
The Granted Patents: Filing Office Location section displays granted patents by the country in which the patent office was located.
Granted patents are analyzed by the number of granted patents per country, overall share of granted patents associated with a particular
country, the number of granted patents from a particular country each year, and overall growth rate of granted patents associated with
each country during the selected date range.
Filing Office Location Occurrences %
European Patent Organization 4 57.1%
Australia 1 14.3%
Germany 1 14.3%
New Zealand 1 14.3%
Accumulative Total 7 100.0%
View Report Online
Granted Patents by Country Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 76

Granted Patents: Filing Office Location Heat Map
The Granted Patents: Filing Office Location Heat Map section displays granted patents by the country in which the patent office was
located. Granted patents are analyzed by the number of granted patents per country, overall share of granted patents associated with a
particular country, the number of granted patents from a particular country each year, and overall growth rate of granted patents
associated with each country during the selected date range.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 77

Granted Patents: International Classification
The Granted Patents: Classification section displays granted patents by classification type. Granted patents are analyzed by the
number of granted patents, overall share of granted patents associated with a particular classification, and the number of granted patents
with a particular classification each year during the selected date range. Three classification types are available: Derwent, International
and the U.S. Classification.
Granted Patents by Classification Distribution
Classification Type Occurrences %
H: SECTION H ELECTRICITY 7 77.8%
C: SECTION C CHEMISTRY;
METALLURGY
1 11.1%
G: SECTION G PHYSICS 1 11.1%
Accumulative Total 9 100.0%
View Report Online
Classification Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 78

Granted Patents: Derwent Classification
The Granted Patents: Classification section displays granted patents by classification type. Granted patents are analyzed by the
number of granted patents, overall share of granted patents associated with a particular classification, and the number of granted patents
with a particular classification each year during the selected date range. Three classification types are available: Derwent, International
and the U.S. Classification.
Granted Patents by Classification Distribution
Classification Type Occurrences %
X: ELECTRIC POWER
ENGINEERING
5 55.6%
Q: MECHANICAL 4 44.4%
Accumulative Total 9 100.0%
View Report Online
Classification Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 79

Granted Patents: Inventor Location
The Granted Patents: Inventor Location section displays granted patents by inventor location. Granted patents are analyzed by the
number of granted patents per location, overall share of granted patents associated with a particular location, the number of granted
patents associated with a particular location each year, and overall growth rate of granted patents associated with each country during
the selected date range during the selected date range.
Location Occurrences %
Canada 6 100.0%
Accumulative Total 6 100.0%
View Report Online
Inventor Location Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 80

Granted Patents: Inventor Location Heat Map
The Granted Patents: Inventor Location Heat Map section displays granted patents by inventor location. Granted patents are analyzed
by the number of granted patents per location, overall share of granted patents associated with a particular location, the number of
granted patents associated with a particular location each year, and overall growth rate of granted patents associated with each country
during the selected date range during the selected date range.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 81

Granted Patents: Assignors
The Granted Patents: Assignors section displays assignors which have assigned granted patents during the selected date range.
Granted patents are analyzed by assignor for trends over time and overall share of events.
Assignors Occurrences %
QUANTA SERVICES OF CANADA
LTD
2 100.0%
Accumulative Total 2 100.0%
View Report Online
Assignor Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 82

Granted Patents: Assignees
The Granted Patents: Assignees section displays assignees which have been assigned granted patents during the selected date range.
Granted patents are analyzed by assignee for trends over time and overall share of events.
Assignees Occurrences %
QUANTA SERVICES INC 3 100.0%
Accumulative Total 3 100.0%
View Report Online
Assignee Trend
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 83

Granted Patents: Company Distribution Trends & Analysis
The Company Distribution Trends & Analysis section displays the companies represented in this report during the selected date range.
This section includes both public and private corporations that are currently in business. Patent events are analyzed by the overall share
of events associated with a particular company and the number of events per year for each company.
Company Occurrences %
QUANTA SERVICES INC 7 100.0%
Accumulative Total 7 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 84

Granted Patents: Industry Distribution Trends & Analysis
The Industry Distribution Trends & Analysis section displays the industries associated with the patent events in this report during the
selected date range. Patent events are analyzed by the overall share of events associated with a particular industry and the number of
events per year for each industry.
Name Occurrences %
Construction 7 100.0%
Accumulative Total 7 100.0%
View Report Online
*Data for partial year only
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 85

Granted Patents: Granted Patent Documents
No. Title Patent Number Type of Document Granted To Issued Date Westlaw Links
1. High voltage conductor replacing and handling
method in power transmission system,
involves bypassing current to selected portion
of primary conductor, by transferring power
load between conductor dead ends through
secondary conductor
2. High voltage conductor replacing and handling
method in power transmission system,
involves bypassing current to selected portion
of primary conductor, by transferring power
load between conductor dead ends through
secondary conductor
3. High voltage conductor replacing and handling
method in power transmission system,
involves bypassing current to selected portion
of primary conductor, by transferring power
load between conductor dead ends through
secondary conductor
4. LIVE CONDUCTOR STRINGING AND SPLICING
METHOD
5. High voltage conductor replacing and handling
method in power transmission system,
involves bypassing current to selected portion
of primary conductor, by transferring power
load between conductor dead ends through
secondary conductor
6. Live conductor stringing and splicing method
and apparatus
7. Electrically conductive phase's sections
replacing method for three phase power
conductor line, involves erecting auxiliary
supports adjacent to rigid supports to support
section of conductor parallel to and adjacent to
three phases
2011201704 Derwent World Patents
Legal
602004031432 Derwent World Patents
Legal
1661220 Derwent World Patents
Legal
DEVINE, QUANTA
SERVICES,
QUANTA ASSOC
LP, O'CONNELL,
DANIEL N.,
CLIFFORD W.
1661220 European Patent QUANTA
1739803
Organization International SERVICES
Patents
Derwent World Patents
Legal
1739803 European Patent QUANTA
567027
Organization International SERVICES
Patents
Derwent World Patents QUANTA
Legal
SERVICES
03/08/2012 Abstract
03/31/2011 Abstract
02/16/2011 Abstract
02/16/2011 Abstract
04/07/2010 Abstract
04/07/2010 Abstract
07/31/2009 Abstract
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 86

PCT Filings: PCT Filings Documents
Your request returned no results for this profile. Please modify your request and try again.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 87

Patent: Company Name Variations
The Company Name Variations section displays the various company names under which the company has done business, as found in
Intellectual property source documents. These are public or private corporations that are currently in business.
Company Subsidiary Company Name Variation
QUANTA COMPUTER INC QUANTA SERVICES INC PWR QUANTA SERVICES
QUANTA QUANTA SERVICES
QUANTA SERVICES
QUANTA SERVICES INC
View Report Online
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 88

Patent: Source Description
West, a Thomson Reuters company, retrieves information about U.S. Patents, U.S. Patent Applications, U.S. Patent Assignments,
International Patents, and Patent Cooperation Treaty applications from Westlaw® documents, as follows:
● United States Patents - patents issued by the U.S. Patent and Trademark Office (USPTO) since 1980.
● United States Patents Applications - patent applications published by the U.S. Patent and Trademark Office (USPTO) beginning with
March 2001.
● United States Patent Assignments - patent assignments recorded with the U.S. Patent and Trademark Office (USPTO) since 1980.
● International Patents:
❍ EPO Patents - patents issued by the European Patent Office since 1980.
❍ EPO Patent Applications - patent applications published by the European Patent Office since 1980.
❍ French Patents - patents granted by the National Institute of Industrial Property (INPI) from 1980 to 1982
❍ French Patent Applications - patent applications published by the National Institute of Industrial Property (INPI) since 1980.
❍ German Patents - patents granted by the German Patent and Trade Mark Office (DPMA) since 1980.
❍ German Patent Applications - patent applications published by the German Patent and Trade Mark Office (DPMA) since 1980.
❍ United Kingdom Patent Applications - patent applications published by the United Kingdom Intellectual Property Office since
1980.
❍ Chinese Patents - Chinese Utility Model patents granted by the State Intellectual Property Office (SIPO) of the People's Republic
of China since 2007
❍ Chinese Patent Applications - patent applications published by the State Intellectual Property Office (SIPO) of the People's
Republic of China since 2007.
❍ Japanese Patents - patents published by the Japanese Patent Office (JPO) since 2005.
❍ Japanese Patent Applications - patent applications published by the Japanese Patent Office (JPO) since 1980.
❍ South Korean Patents - patents published by the Korean Intellectual Property Office (KIPO) since 2008.
❍ South Korean Patent Applications - patent applications published by the Korean Intellectual Property Office (KIPO) since 2008.
❍ Patent applications and grants for other countries are derived from Derwent World Patents describing publication of patent
filings issued worldwide from over 40 international authorities, from 1980 to present.
● Patent Cooperation Treaty Applications - patent applications filed with the World Intellectual Property Organization pursuant to the
Patent Cooperation Treaty since 1980.
(C) Thomson Reuters | QUANTA SERVICES INC ... Company Report 89

Quanta Services, Inc. Profile
2800 Post Oak Blvd. Ste. 2600
Houston, TX 77056 United States
Phone : 713-629-7600
Fax : 713-629-7676
http://www.quantaservices.com

WELCOME
Hoover's is the business information resource that delivers a unique combination of up-to-date data, broad coverage,
and comprehensive information about companies, decision makers, and industries - along with powerful tools to put
this information to work for your business. Hoover's offers everything you need to successfully:
* Identify and evaluate potential sales leads, markets, and business partners
* Deepen relationships with current customers
* Assess competitive risks and eliminate threats
* Build presentation-ready reports and customized lists of companies, industries, and decision makers
Unlike other business information providers, only Hoover's has a full-time, in-house editorial and research team
dedicated wholly to investigating, pinpointing, authenticating, and analyzing data to provide the most comprehensive,
up-to-date information available on companies, industries, and executives.
HIDDEN TEXT TO MARK THE BEGINNING OF THE TOC
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE i

Table of Contents
Company Overview
Key Information 2
Key Financials 2
Company Rankings 2
Key People 3
Company Description
Industry Information
People
Biographies
People 7
Board Members 9
John R. Colson 10
James F. (Jim) O'Neil 11
Derrick A. Jensen 11
James H. Haddox 12
Earl C. Austin 13
Kenneth W. (Ken) Trawick 13
James R. Ball 14
J. Michal Conaway 14
Ralph R. DiSibio 15
Bernard Fried 15
Louis C. Golm 16
Worthing F. Jackman 16
Bruce E. Ranck 17
Patrick Henry (Pat) Wood 18
Charles Ballew 18
Donald Bennett 18
Ed Farris 19
Jack Dwyer 19
Richard Greene 19
Tom Clapper 19
Eugene Harris 19
Michael J Wilson 19
Paul Aanes 19
Norman Atwood 19
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE i
2
4
5
6
9

Mike Elgie 19
Zhanna Golodryga 20
Andy Hermawan 20
Cindy Kirken 20
Lisa Lawson 20
Peggy Lee 20
Robert Martin 20
Thomas McGuffey 20
Ken Morrison 20
Cindy Nelson 20
Sheldon Orton 21
Diana Ostendorf 21
Hanna Perez 21
Wayne Printz 21
Grace Provenza 21
Lee Smith 21
Irfan Sumbaluwu 21
Peter Williams 21
Terry Williams 21
James C Atkins 22
Martha Baskin 22
Paul Beaulieu 22
Dave Biles 22
Megan Blick 22
David Cooper 22
John Crawford 22
Historical Events
Company Financials
Financial Summary 22
Annual Income Statement 24
Quarterly Income Statement 25
Annual Balance Sheet 26
Quarterly Balance Sheet 27
Annual Cash Flow 28
Quarterly Cash Flow 29
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE i
22
22

Earnings Estimates 30
Financial Market Data 31
Historical Financials 32
Competition
Competitors List 33
Competitive Landscape 34
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE ii
33

Company Overview
2800 Post Oak Blvd. Ste. 2600
Houston, TX 77056 United States
Phone : 713-629-7600
Fax : 713-629-7676
http://www.quantaservices.com
To quickly quantify Quanta's services: This specialty contractor designs, installs, repairs, and maintains network
infrastructure in the US and Canada. The company serves the electric, natural gas, oil pipeline, renewable energy,
and telecommunications industries. Quanta, which was founded in 1997, also owns fiber optic telecommunications
infrastructure. Quanta's other services include outsource management and other specialty work such as installing
traffic and light rail control systems, directional drilling, and constructing wind and solar power
facilities. More than 65% of the company's revenues come from its electric power infrastructure segment. It is
exiting telecommunications infrastructure services.
Key Information
DUNS Number 008004165
Location Type Headquarters
Subsidiary Status No
Manufacturer No
Company Type Public
Plant/Facility Size (sq. ft.) 3,000.00
Owns/Rents Rents
Accountant PricewaterhouseCoopers LLP
Total Employees 17,500
1-Year Employee Growth 27.26%
Employees At This Location 75
Year of Founding or Change in Control 1997
Primary Industry 1155:Specialty Contractors
Primary SIC Code 17310000:Electrical work
Primary NAICS Code 238210:Electrical Contractors and Other Wiring
Latitude/Longitude 29.737861 / -95.460813
Key Financials
Fiscal Year-End December
Sales ($ M) $4,623.83M
1-Year Sales Growth 17.62%
Net Income $132.52M
1-Year Net Income Growth (13.49%)
Total Assets $4,699.11M
Market Value $5,710.28M
Prescreen Score Low Risk
Company Rankings
S&P 500 (October 1, 2012)
513 in FORTUNE 1000 (May 2012)
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PAGE 2

Key People
Name Title
Mr. John R. Colson Executive Chairman
Mr. James F. (Jim) O'Neil III President and CEO
Mr. Derrick A. Jensen CFO
Mr. James H. Haddox EVP
Mr. Earl C. Austin Jr. President, Natural Gas and Pipeline Division
Mr. Kenneth W. (Ken) Trawick President, Telecommunications and Cable Television
Mr. James R. Ball Director
Mr. J. Michal Conaway
Mr. Ralph R. DiSibio
Mr. Bernard Fried
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Company Description
Quanta typically expands through acquisitions. Most recently the company has been focusing on expanding its
capabilities and growing internationally. In 2011 Quanta acquired Coe Drilling, a horizontal directional drilling
company in Australia. Canada also has been a target for growth for Quanta. In another 2011 deal Quanta bought
McGregor Construction, an electric power infrastructure services company in Canada. Also that year Quanta
acquired two other smaller businesses based in British Columbia. Both mainly provided electric power
infrastructure services. The deals enhanced Quanta's previous electric power acquisition of Valard Construction in
Canada. In a retreat from telecommunications infrastructure services business, Quanta has agreed to sell
substantially all of its domestic telecommunications infrastructure services operations to Dycom Industries for
$275 million. The sale, which will allow Quanta to better focus on energy infrastructure, is expected to close by the
end of 2012.
Also in 2011 Quanta expanded its electric power infrastructure services in the US when it acquired Utilimap, a
provider of geographic information system utility asset management services.
Several trends in the market place present Quanta with opportunities to grow. Demand for electricity in North
America continues to increase. However, the electric power grid system is aging. Quanta is positioned to make
system upgrades and demand for its services should increase.
Renewable energy such as wind and solar also presents opportunities for Quanta. As demand for those energy
sources increases, so will demand for services such as transmission line installation and project management.
Quanta also sees potential for growth in the natural gas segment. Development of gas shale formations in North
America has provided in an increase in supply of natural gas. More natural gas-fired power plants are expected to
be built during the next two decades.
Quanta made an effort to grow in the natural gas sector when it acquired a 39% stake in Howard Midstream
Energy Partners in 2011. The company owns, operates and constructs midstream oil and gas plant and pipeline
facilities. The acquisition was made in order to position Quanta for more opportunities in the development of the
Texas Eagle Ford shale region.
Quanta has experienced a steady increase in demand for its services as the economy slowly recovers. As more
clients began to increase spending on infrastructure projects the company's revenues also grew. In 2011 Quanta
reported more than $4.6 billion in revenues (an increase of about 18%). Net income fell in 2011 due to a charge
related to a pension plan withdrawal and other tax-related settlements.
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PAGE 4

Industry Information
Hoover's Industries
> Construction Sector
> Specialty Contractors ( primary )
> Electrical Contractors
> Commercial & Heavy Construction Contractors
> Power Line & Telecommunications Infrastructure
Construction Contractors
> Business Services Sector
> Consumer Services
> Electronic Equipment Repair Services
> Professional Services Sector
> Architectural & Engineering Services
> Engineering Services
Primary SIC Code
17310000 : Electrical work
Primary NAICS Code
238210 : Electrical Contractors and Other Wiring Installation Contractors
Denotes In-depth Industry Insight by Hoover's Editorial Staff
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PAGE 5

People
Employees
Title Name Age Salary
Bonus
Executive Chairman
President and CEO
CFO
EVP
President, Natural Gas and Pipeline
Division
President, Telecommunications and
Cable Television
Director
Director
Director
Director
Director
Director
Director
Director
Director; Executive Director
Partner
Partner
Vice President, Business
Development
Vice President Business
Development
Division Manager
Division Manager
Division Manager
Director Human Resources;
Director-human Resources
Director Business Development
Director Of Data Processing;
Information Technology Manager
Information Technology Director
Information Technology Director
Director Of Human Resources
Director Of Information Technology
Mr. John R. Colson 64 $867,734.00 --
Mr. James F. (Jim) O'Neil
III
53 $637,846.00 --
Mr. Derrick A. Jensen 41 $311,088.00 --
Mr. James H. Haddox 63 $520,641.00 --
Mr. Earl C. Austin Jr. 42 $458,250.00 --
Mr. Kenneth W. (Ken)
Trawick
64 $477,254.00 --
Mr. James R. Ball 69 -- --
Mr. J. Michal Conaway 63 -- --
Mr. Ralph R. DiSibio 70 -- --
Mr. Bernard Fried 55 -- --
Mr. Louis C. Golm 70 -- --
Worthing F. Jackman 47 -- --
Mr. Bruce E. Ranck 63 -- --
Mr. Patrick Henry (Pat)
Wood III
49 -- --
Charles Ballew -- --
Mr Donald Bennett -- --
Ed Farris -- --
Mr Jack Dwyer -- --
Richard Greene -- --
Tom Clapper -- --
Mr Eugene Harris SR -- --
Mr Michael J Wilson -- --
Paul Aanes -- --
Mr Norman Atwood -- --
Mike Elgie -- --
Zhanna Golodryga -- --
Andy Hermawan -- --
Ms Cindy Kirken -- --
Lisa Lawson -- --
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PAGE 6

Title Name Age Salary
Bonus
Director-human Resources
Director Business Development
Information Technology Director
Director Of Property
Director Employee Benefits
Information Technology Director
Director Risk Management; Director,
Risk Management
Director-human Resources
Information Technology Director
Risk Manager
Information Technology Director
Information Technology Director
Administration Executive; Director
Of Finance
Operations Director; Safety Director
Marketing Manager
Benefits Coordinator/payroll
Manager
Hardware Engineer
Manager Cnc Oracle 8 12
Comm Coord
Network Manager; Network Manager
Of Telecommunications And
Infrastructure
It Manager; Manager Applications
Peggy Lee -- --
Robert Martin -- --
Mr Thomas McGuffey -- --
Ken Morrison -- --
Cindy Nelson -- --
Sheldon Orton -- --
Ms Diana Ostendorf -- --
Hanna Perez -- --
Wayne Printz -- --
Grace Provenza -- --
Lee Smith -- --
Irfan Sumbaluwu -- --
Mr Peter Williams -- --
Terry Williams -- --
James C Atkins -- --
Ms Martha Baskin -- --
Paul Beaulieu -- --
Dave Biles -- --
Megan Blick -- --
Mr David Cooper -- --
John Crawford -- --
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PAGE 7

Board Members
Title
Executive Chairman
Director
Director
Director
Director
Director
Director
Director
Director
Name Age
Mr. John R. Colson 64
Mr. James R. Ball 69
Mr. J. Michal Conaway 63
Mr. Ralph R. DiSibio 70
Mr. Bernard Fried 55
Mr. Louis C. Golm 70
Worthing F. Jackman 47
Mr. Bruce E. Ranck 63
Mr. Patrick Henry (Pat) Wood III 49
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PAGE 8

Biographies
John R. Colson, Age 64
Title held since 2011 : Executive Chairman
Current Company Titles
2011 - Present : Executive Chairman
2007 - 2011 : Chairman and CEO
2006 - 2007 : Chairman and CEO
2005 - 2006 : Chairman and CEO
2004 - 2005 : Chairman and CEO
2003 - 2004 : Chairman and CEO
2002 - 2003 : Chairman, CEO, and Acting COO
2001 - 2002 : Chairman, CEO, and Acting COO
Unknown - 2001 : Chairman, CEO, and Acting COO
Current Company Compensation History
Salary Bonus Total
2011 : $867,734.00 --
$2,254,865.00
2009 : $824,006.00 --
$3,283,296.00
2008 : $773,750.00 --
$3,274,999.00
2007 : $685,050.00 --
$2,555,296.00
2006 : $648,900.00 --
$2,206,550.00
2005 : $630,000.00 $757,890.00
--
2004 : $612,500.00 --
--
2003 : $538,750.00 --
--
2002 : $437,501.00 --
--
2001 : $306,250.00 --
--
Past Company Affiliations
Director, U.S. Concrete, Inc.
Biography
As executive chairman of the board, John R. Colson leads the companys board and works
closely with the executive team on strategic acquisitions and investments, international
expansion and the long-term direction of the company. Prior to his current position, Colson
served as chief executive officer from the companys inception in 1997 to May 2011 and as
chairman from 2002. As CEO, Colson guided the companys growth and direction as the singlesource
solution provider for all network infrastructure contracting services in the electric
power, gas pipeline, telecommunications and cable television industries. With more than 38
years of experience in every aspect of electrical contracting, his vision revolutionized the
specialty contracting industry by building Quanta Services into a company with revenues of
over $3.78 billion in 2008. Prior to creating Quanta Services, Colson was president and owner
of PAR Electrical Contractors, Inc., a builder of high-voltage transmission lines, distribution
lines, substations and related electric utility infrastructure. PAR is located in Kansas City,
Missouri and a founding company of Quanta Services. Colsons career at PAR spanned 27 years.
As a contributing member of the business and local communities, he maintains involvement
with numerous organizations and civic positions, including: - Vice President-At-
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Large and Member of the Executive Committee of the National Electrical Contractors
Association (NECA) - Member of the Board of Directors of the Missouri Valley Chapter of NECA
- Member of the National Labor Relations Task Force of NECA - Regent of The Electrical
Contracting Foundation
Source : Company Web Site, 2011
James F. (Jim) O'Neil, Age 53
Title held since 2011 : President and CEO
Current Company Titles
2011 - Present : President and CEO
2008 - 2011 : President and COO
Current Company Compensation History
Salary Bonus Total
2011 : $637,846.00 --
$1,487,227.00
2009 : $411,994.00 --
$1,114,239.00
Biography
James F. ONeil serves as chief executive officer and president of Quanta Services. In this
position, he oversees the company's operations and strategic initiatives across the electric
power, natural gas, renewable energy, telecommunications, broadband cable and wireless
industries. He joined Quanta in 1999 and most recently served as president and chief operating
officer. Throughout his tenure, O'Neil has had responsibility for various initiatives including: the
companys renewable energy strategy; commercial and industrial operations; internal audit; and
merger and acquisition initiatives, including oversight of the acquisition and integration of
InfraSource, Inc., the companys largest acquisition to date. Prior to joining Quanta Services,
O'Neil spent 19 years with Halliburton where he held various positions that encompassed
responsibility for its Gulf of Mexico operations; deepwater development; and health, safety and
environment. He received a Bachelor of Science in civil engineering from Tulane University.
Source : Company Web Site, 2011
Derrick A. Jensen, Age 41
Title held since 2012 : CFO
Current Company Titles
2012 - Present : CFO
2009 - 2012 : SVP Finance and Administration and Chief Accounting Officer
2006 - 2009 : VP, Controller, and Chief Accounting Officer
2005 - 2006 : VP, Controller, and Chief Accounting Officer
2004 - 2005 : VP, Controller, and Chief Accounting Officer
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Current Company Compensation History
Salary Bonus Total
2011 : $311,088.00 --
$683,496.00
2008 : $251,463.00 --
$790,912.00
2007 : $241,792.00 --
$665,466.00
2006 : $232,492.00 --
$665,791.00
2005 : $225,720.00 $271,541.00
--
2004 : $204,250.00 $45,000.00
--
Biography
Jensen has served as Quanta's Senior Vice President Finance and Administration and Chief
Accounting Officer since March 2011. He previously served as Vice President and Chief
Accounting Officer of the company from March 1999 to March 2011, and as Quanta's Controller
from December 1997 until March 2009.
Source : Company Press Release, April 2, 2012
James H. Haddox, Age 63
Title held since 2012 : EVP
Current Company Titles
2012 - Present : EVP
2007 - 2012 : CFO
2006 - 2007 : CFO
2005 - 2006 : CFO
2004 - 2005 : CFO
2003 - 2004 : CFO
2002 - 2003 : CFO
2001 - 2002 : CFO
Current Company Compensation History
Salary Bonus Total
2011 : $520,641.00 --
$1,006,173.00
2009 : $494,400.00 --
$1,300,622.00
2008 : $453,750.00 --
$1,608,643.00
2007 : $369,624.00 --
$1,246,857.00
2006 : $350,097.00 --
$1,135,973.00
2005 : $339,900.00 $408,900.00
--
2004 : $322,500.00 --
--
2003 : $293,125.00 --
--
2002 : $266,251.00 --
--
2001 : $241,875.00 $100,000.00
--
Biography
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PAGE 11

Haddox will remain actively involved with the company as Executive Vice President, maintaining
insurance, bonding and banking relationships and working with the executive team on strategic
acquisitions, investments, international expansion and the long-term direction of the company.
Source : Company Press Release, April 2, 2012
Earl C. Austin, Age 42
Current Company Titles
Unknown - Present : President, Natural Gas and Pipeline Division
Current Company Compensation History
Salary Bonus Total
2011 : $458,250.00 --
$866,097.00
Biography
Earl C. Austin, Jr. has served as our President of the Natural Gas and Pipeline Division since
October 2009 and served as President of North Houston Pole Line, L.P. (North Houston), an
electric and natural gas specialty contractor and now a subsidiary of Quanta, from 2001 until
September 2009. He is currently a director of the Southwest Line Chapter of NECA. Mr. Austin
holds a Bachelor of Arts in Business Management degree.
Source : Proxy, April 19, 2010
Kenneth W. (Ken) Trawick, Age 64
Title held since 2008 : President, Telecommunications and Cable Television
Current Company Titles
2008 - Present : President, Telecommunications and Cable Television
2007 - 2008 : President, Telecommunications and Cable Television
2006 - 2007 : President, Telecommunications and Cable Television
2005 - 2006 : President, Telecommunications and Cable Television
2004 - 2005 : President, Telecommunications and Cable Television
2003 - 2004 : President, Telecommunications and Cable Television
2002 - 2003 : President, Telecommunications and Cable Television
Current Company Compensation History
Salary Bonus Total
2011 : $477,254.00 --
$895,031.00
2009 : $453,206.00 --
$1,146,229.00
2008 : $421,250.00 --
$1,284,356.00
2007 : $359,550.00 $317,843.00
$1,063,468.00
2006 : $339,900.00 $266,590.00
$1,062,550.00
2005 : $330,000.00 $396,990.00
--
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Salary Bonus Total
2004 : $244,208.00 --
--
2003 : $122,657.00 $182,384.00
--
2002 : $157,325.00 --
--
Biography
Kenneth W. Trawick has served as our President of the Telecommunications and Cable
Television Division since June 2004 and served as President of Trawick Construction Company,
Inc. (Trawick Construction), a telecommunications specialty contractor and now a subsidiary of
Quanta, from April 2003 until May 2004, and as a Vice President of Quanta from June 2001
until March 2003. Mr. Trawick joined Trawick Construction in 1974 and served as its Executive
Vice President from January 2000 until May 2001.
Source : Proxy, April 19, 2010
James R. Ball, Age 69
Title held since 1998 : Director
Current Company Titles
1998 - Present : Director
Past Company Affiliations
Director, Kraton Polymers LLC
Biography
James R. Ball has been a member of the Board of Directors since 1998 and is a private investor.
He previously served in various management positions with Vista Chemical Company for over
twenty-five years, most recently as Chief Executive Officer and President from 1992 until his
retirement in 1995. He also previously served as a director of ABS Group Inc., The
Carbide/Graphite Group, Inc., Kraton Polymers, LLC and Rexene Corporation. Mr. Ball holds a
Bachelor of Science in Mathematics degree and a Master of Science in Management degree. The
Board believes Mr. Balls qualifications to serve on the Board include his over twenty-five years
of management experience, his years of service on boards of other public companies and his
extensive experience with financial and accounting matters.
Source : Proxy, April 19, 2010
J. Michal Conaway, Age 63
Title held since 2007 : Director
Current Company Titles
2007 - Present : Director
Other Company Affiliations
Director, GT Advanced Technologies Inc.
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Past Company Affiliations
Director, Cherokee International Corporation
Director, InfraSource Services, Inc.
Biography
J. Michal Conaway has been a member of the Board of Directors since August 30, 2007. He has
served as the Chief Executive Officer of Peregrine Group, LLC, an executive consulting firm,
since 2002. Mr. Conaway has been providing consulting and advisory services since 2000. Prior
to 2000, Mr. Conaway held various management and executive positions, including serving as
Chief Financial Officer of Fluor Corporation, an engineering, procurement, construction and
maintenance services provider. He serves as a director of GT Solar International, Inc. as well as
a director of privately held Elgin National Industries, Inc. and Enterra Holdings Ltd. He
previously served as a director of InfraSource Services, Inc. and Cherokee International
Corporation. Mr. Conaway holds an M.B.A. degree and is a Certified Public Accountant. The
Board believes Mr. Conaways qualifications to serve on the Board include his prior service as
the chief financial officer of multiple public corporations, including those within Quantas line of
business, his years of service on boards of other public and private companies, as well as his
extensive financial and accounting expertise.
Source : Proxy, April 19, 2010
Ralph R. DiSibio, Age 70
Current Company Titles
Unknown - Present : Director
Past Company Affiliations
President, Westinghouse Government Services Company LLC
EVP; President and CEO, Washington Government Energy, Washington Division of URS Corporation
Biography
Ralph R. DiSibio has been a member of the Board of Directors since May 2006. He has been a
senior consultant to Washington Group International, Inc., an integrated engineering,
construction and management services provider, since April 2004. He served as President of
Energy & Environment Business Unit, an engineering, construction and environmental services
operating unit of Washington Group International, Inc., from November 2001 until April 2004,
and Executive Vice President Business Development of Washington Group Power, a power
generation engineering, design and construction services operating unit of Washington Group
International, Inc., from March 2001 until November 2001. Mr. DiSibio holds a Doctor of
Education in Administration degree. The Board believes Mr. DiSibios qualifications to serve on
the Board include his prior executive management experience, including at companies within
Quantas line of business, as well as his extensive operational and risk management experience
in the power industry.
Source : Proxy, April 19, 2010
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PAGE 14

Bernard Fried, Age 55
Title held since 2004 : Director
Current Company Titles
2004 - Present : Director
Biography
Bernard Fried has been a member of the Board of Directors since March 2004. He has served
as Chief Executive Officer and President of Siterra Corporation, a software services provider,
since May 2005. From November 2003 until May 2005, he served as an independent
consultant to the financial and software services industries. Mr. Fried served as Chief Executive
Officer and President of Citadon, Inc., a software services provider, from 2001 until November
2003, Principal Vice President and Program Manager of Bechtel Business Services, a shared
services operating unit of Bechtel Group, Inc., an international engineering and construction
firm, from 2000 until 2001, and Chief Financial Officer and Managing Director of Bechtel
Enterprises, Inc., a financing and development subsidiary of Bechtel Group, Inc., from 1997 until
2000. Mr. Fried holds a Bachelor of Engineering degree and an M.B.A. degree. The Board
believes Mr. Frieds qualifications to serve on the Board include his prior executive management
experience, including at companies within Quantas line of business, his years of service on
boards of private companies and his extensive international operations experience.
Source : Proxy, April 19, 2010
Louis C. Golm, Age 70
Title held since 2002 : Director
Current Company Titles
2002 - Present : Director
Past Company Affiliations
Vice Chairman, Integrated Data Corp.
Director, SBS Technologies, Inc.
Biography
Louis C. Golm has been a member of the Board of Directors since July 2002 and from May 2001
until May 2002. He has been an independent consultant and senior advisor to the
telecommunications and information management industries since 1999. Mr. Golm serves as a
director of Kirusa Inc. Mr. Golm holds a Master of Science in Management degree and an M.B.A.
degree. The Board believes Mr. Golms qualifications to serve on the Board include his numerous
years of executive management experience, including as chief executive officer of a large
telecommunications company, his years of service as a director of other public and private
companies and his telecommunications industry expertise.
Source : Proxy, April 19, 2010
Worthing F. Jackman, Age 47
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Title held since 2007 : EVP and CFO
Current Company Titles
2007 - Present : EVP and CFO
2006 - 2007 : EVP and CFO
2005 - 2006 : EVP Finance and CFO
2004 - 2005 : EVP Finance and CFO
2003 - 2004 : VP Finance and Investor Relations
Current Company Compensation History
Salary Bonus Total
2011 : $359,736.00 --
$1,395,815.00
2010 : $320,850.00 --
$1,312,521.00
2009 : $320,850.00 --
$1,088,792.00
2008 : $319,640.00 --
$777,311.00
2007 : $305,154.00 --
--
2005 : $212,300.00 --
--
2004 : $170,750.00 --
--
2003 : $105,346.00 $156,733.00
--
Other Company Affiliations
Director, Quanta Services, Inc.
Biography
Worthing F. Jackman has been Executive Vice President and Chief Financial Officer of Waste
Connections since September 1, 2004. From April 2003 to that date, Mr. Jackman served as
Vice President Finance and Investor Relations. Mr. Jackman held various investment banking
positions with Alex. Brown & Sons, now Deutsche Bank Securities, Inc., from 1991 through 2003,
including most recently as a Managing Director within the Global Industrial & Environmental
Services Group. In that capacity, he provided capital markets and strategic advisory services to
companies in a variety of sectors, including solid waste services. Mr. Jackman serves as a
director for Quanta Services, Inc. He holds a B.S. degree in Finance from Syracuse University
and an M.B.A. from the Harvard Business School.
Source : Company Web Site, 2011
Bruce E. Ranck, Age 63
Title held since 2005 : Director
Current Company Titles
2005 - Present : Director
Other Company Affiliations
Director, Dynamex Inc.
Past Company Affiliations
Chairman and CEO, TTS, Inc.
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Biography
Bruce Ranck has been a member of the Board of Directors since May 2005. He has been a
partner with Bayou City Partners, a venture capital firm, since 1999. Mr. Ranck served as Chief
Executive Officer of Tartan Textile Services, Inc., a healthcare linen services provider, from
August 2003 until April 2006. From 1970 until 1999, he held various positions with Browning-
Ferris Industries, Inc., a provider of waste management services, most recently as Chief
Executive Officer and President. Mr. Ranck is also a director of Dynamex Inc. The Board
believes Mr. Rancks qualifications to serve on the Board include his prior executive
management experience, including as chief executive officer of a large public corporation, his
extensive acquisition integration experience, and his years of service on boards of other public
and private companies.
Source : Proxy, April 19, 2010
Patrick Henry (Pat) Wood, Age 49
Title held since 2006 : Director
Current Company Titles
2006 - Present : Director
Other Company Affiliations
Director, SunPower Corporation
Past Company Affiliations
Chairman, Federal Energy Regulatory Commission
Biography
Pat Wood, III has been a member of the Board of Directors since May 2006. He has served as a
Principal of Wood3 Resources, an energy infrastructure developer, since July 2005. From 2001
until July 2005, Mr. Wood served as chairman of the Federal Energy Regulatory Commission.
From 1995 until 2001, he served as chairman of the Public Utility Commission of Texas. Mr.
Wood serves as a director of SunPower Corporation. Mr. Wood holds a Bachelor of Science in
Civil Engineering degree and a J.D. degree. The Board believes Mr. Woods qualifications to
serve on the Board include his significant state and federal government experience, his years of
service as a director of other public and private companies and his extensive energy industry
expertise.
Source : Proxy, April 19, 2010
Charles Ballew
Current Company Titles
Unknown - Present : Director; Executive Director
Donald Bennett
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Current Company Titles
Unknown - Present : Partner
Ed Farris
Current Company Titles
Unknown - Present : Partner
Jack Dwyer
Current Company Titles
Unknown - Present : Vice President, Business Development
Richard Greene
Current Company Titles
Unknown - Present : Vice President Business Development
Tom Clapper
Current Company Titles
Unknown - Present : Division Manager
Eugene Harris
Current Company Titles
Unknown - Present : Division Manager
Michael J Wilson
Current Company Titles
Unknown - Present : Division Manager
Paul Aanes
Current Company Titles
Unknown - Present : Director Human Resources; Director-human Resources
Norman Atwood
Current Company Titles
Unknown - Present : Director Business Development
Mike Elgie
Current Company Titles
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PAGE 18

Unknown - Present : Director Of Data Processing; Information Technology Manager
Zhanna Golodryga
Current Company Titles
Unknown - Present : Information Technology Director
Andy Hermawan
Current Company Titles
Unknown - Present : Information Technology Director
Cindy Kirken
Current Company Titles
Unknown - Present : Director Of Human Resources
Lisa Lawson
Current Company Titles
Unknown - Present : Director Of Information Technology
Peggy Lee
Current Company Titles
Unknown - Present : Director-human Resources
Robert Martin
Current Company Titles
Unknown - Present : Director Business Development
Thomas McGuffey
Current Company Titles
Unknown - Present : Information Technology Director
Ken Morrison
Current Company Titles
Unknown - Present : Director Of Property
Cindy Nelson
Current Company Titles
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PAGE 19

Unknown - Present : Director Employee Benefits
Sheldon Orton
Current Company Titles
Unknown - Present : Information Technology Director
Diana Ostendorf
Current Company Titles
Unknown - Present : Director Risk Management; Director, Risk Management
Hanna Perez
Current Company Titles
Unknown - Present : Director-human Resources
Wayne Printz
Current Company Titles
Unknown - Present : Information Technology Director
Grace Provenza
Current Company Titles
Unknown - Present : Risk Manager
Lee Smith
Current Company Titles
Unknown - Present : Information Technology Director
Irfan Sumbaluwu
Current Company Titles
Unknown - Present : Information Technology Director
Peter Williams
Current Company Titles
Unknown - Present : Administration Executive; Director Of Finance
Terry Williams
Current Company Titles
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PAGE 20

Unknown - Present : Operations Director; Safety Director
James C Atkins
Current Company Titles
Unknown - Present : Marketing Manager
Martha Baskin
Current Company Titles
Unknown - Present : Benefits Coordinator/payroll Manager
Paul Beaulieu
Current Company Titles
Unknown - Present : Hardware Engineer
Dave Biles
Current Company Titles
Unknown - Present : Manager Cnc Oracle 8 12
Megan Blick
Current Company Titles
Unknown - Present : Comm Coord
David Cooper
Current Company Titles
Unknown - Present : Network Manager; Network Manager Of Telecommunications And Infrastructure
John Crawford
Current Company Titles
Unknown - Present : It Manager; Manager Applications
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PAGE 21

Historical Events
Date
2011-03-24
2011-03-24
Event Details
Top Executive Change The company announced that John R. Colson will step down as CEO on 05/19/2011
but will become executive chairman.
Top Executive Change The company named James F. O'Neil CEO effective 05/19/2011.
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PAGE 22

Company Financials
Financial Summary
Company Type
Public
NYSE: PWR
Headquarters
Fiscal Year-End December
2011 Sales
$4,623.83M
1-Year Sales Growth
17.62%
2011 Net Income
$132.52M
1-Year Net Income Growth
(13.49%)
Prescreen Score
Low Risk
Auditor
PricewaterhouseCoopers LLP
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 23

Annual Income Statement
All amounts in millions of US Dollars except per share amounts.
Dec 2011
Revenue 4,623.83
Cost of Goods Sold 4,003.23
Gross Profit 620.60
Gross Profit Margin 13.42%
SG&A Expense 372.96
Depreciation and Amortization 29.95
Operating Income 217.68
Operating Margin 4.71%
Nonoperating Income (0.56)
Nonoperating Expenses (0.76)
Income Before Taxes 216.37
Income Taxes 71.95
Net Income After Taxes 144.42
Continuing Operations 132.52
Discontinued Operations --
Total Operations 132.52
Total Net Income 132.52
Net Profit Margin 2.87%
Diluted EPS from Continuing Operations 0.62
Diluted EPS from Total Operations 0.62
Diluted EPS from Total Net Income 0.62
Dividends per Share --
Dec 2010
3,931.22
3,296.80
634.42
16.14%
339.67
38.57
256.18
6.52%
(6.43)
(3.50)
246.26
90.70
155.56
153.18
--
153.18
153.18
3.90%
0.72
0.72
0.72
--
Dec 2009
3,318.13
2,724.64
593.49
17.89%
312.41
38.95
242.12
7.30%
0.42
(8.81)
233.73
70.20
163.54
163.54
0.00
162.16
162.16
4.89%
0.81
0.81
0.81
--
Dec 2008
3,780.21
3,145.35
634.87
16.79%
309.40
36.30
289.17
7.65%
0.34
--
281.77
115.03
166.74
166.74
--
166.74
166.74
4.41%
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
0.88
0.88
0.88
--
Dec 2007
2,656.04
2,227.29
428.75
16.14%
240.51
18.76
169.48
6.38%
(0.58)
PAGE 24
167.36
34.22
133.14
133.14
2.84
135.98
135.98
5.12%
0.87
0.89
0.89
--

Quarterly Income Statement
All amounts in millions of US Dollars except per share amounts.
Quarter Ending
Sep 2012
Revenue 1,685.20
Cost of Goods Sold 1,404.77
Gross Profit 280.43
Gross Profit Margin 16.64%
SG&A Expense 124.28
Depreciation and Amortization 10.50
Operating Income 145.65
Operating Margin 8.64%
Nonoperating Income 1.14
Nonoperating Expenses (0.58)
Income Before Taxes 146.21
Income Taxes 45.35
Net Income After Taxes 100.86
Continuing Operations 96.40
Discontinued Operations --
Total Operations 96.40
Total Net Income 96.40
Net Profit Margin 5.72%
Diluted EPS from Continuing Operations 0.45
Diluted EPS from Total Operations 0.45
Diluted EPS from Total Net Income 0.45
Dividends per Share --
Jun 2012
1,516.70
1,281.29
235.41
15.52%
114.71
9.55
111.15
7.33%
(0.31)
(0.57)
110.27
40.47
69.80
65.54
--
65.54
65.54
4.32%
0.31
0.31
0.31
--
Mar 2012
1,425.18
1,229.66
195.51
13.72%
106.65
9.39
79.48
5.58%
0.17
(0.18)
79.46
29.47
49.99
45.71
--
45.71
45.71
3.21%
0.22
0.22
0.22
--
Dec 2011
1,513.14
1,312.21
200.93
13.28%
99.52
8.52
92.89
6.14%
(0.16)
(0.27)
92.46
21.65
70.81
66.31
--
66.31
66.31
4.38%
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
0.31
0.31
0.32
--
Sep 2011
1,250.82
1,056.13
194.69
15.57%
92.41
8.30
93.98
7.51%
(0.53)
(0.51)
92.94
37.34
55.60
PAGE 25
51.99
--
51.99
51.99
4.16%
0.25
0.25
0.25
--

Annual Balance Sheet
All amounts in millions of US Dollars except per share amounts.
Assets
Current Assets
Cash
Net Receivables
Inventories
Other Current Assets
Total Current Assets
Net Fixed Assets
Other Noncurrent
Total Assets
Shareholder's Equity
Dec 2011
315.35
1,066.27
71.42
312.12
1,765.15
971.70
1,962.26
4,699.11
Dec 2011
Preferred Stock Equity
0.00
Common Stock Equity
3,381.95
Total Equity
3,381.95
Shares Outstanding (M) 206.20
Liabilities
Current Liabilities
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Other Noncurrent
Total Liabilities
Dec 2011
343.68
0.06
437.34
781.08
--
536.09
1,317.16
Dec 2010
539.22
766.39
51.75
239.00
1,596.36
900.77
1,844.08
4,341.21
Dec 2010
--
3,365.56
3,365.56
211.57
Dec 2010
--
1.33
499.07
500.40
0.00
475.26
975.66
Dec 2009
699.63
688.26
33.45
161.45
1,582.79
854.44
1,679.73
4,116.95
Dec 2009
--
3,109.18
3,109.18
210.04
Dec 2009
--
3.43
492.26
495.69
126.61
385.48
1,007.77
Dec 2008
437.90
849.63
25.81
68.15
1,381.49
635.46
1,537.84
3,554.79
Dec 2008
--
2,657.97
2,657.97
196.56
Dec 2008
400.25
1.16
50.39
451.80
143.75
301.27
896.82
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 26
Dec 2007
407.08
792.10
25.92
79.67
1,304.76
532.29
1,550.79
3,387.83
Dec 2007
--
2,185.14
2,185.14
170.92
Dec 2007
269.38
271.01
217.04
757.43
301.51
1,202.69

Quarterly Balance Sheet
All amounts in millions of US Dollars except per share amounts.
Assets
Quarter Ending
Current Assets
Cash
Net Receivables
Inventories
Other Current Assets
Total Current Assets
Net Fixed Assets
Other Noncurrent
Total Assets
Sep 2012
128.21
1,441.02
55.92
511.28
2,136.43
1,057.05
2,061.80
5,255.27
Shareholder's Equity
Quarter Ending Sep 2012
Preferred Stock Equity
0.00
Common Stock Equity
3,662.90
Total Equity
3,662.90
Shares Outstanding (M) 209.26
Liabilities
Quarter Ending
Current Liabilities
Sep 2012
Accounts Payable
--
Short-Term Debt
0.02
Other Current Liabilities
925.33
Total Current Liabilities
925.35
Long-Term Debt
125.00
Other Noncurrent
542.02
Total Liabilities
1,592.37
Jun 2012
172.87
1,138.72
57.65
455.26
1,824.50
1,016.74
2,056.07
4,897.30
Jun 2012
0.00
3,536.53
3,536.53
209.21
Jun 2012
--
0.03
783.94
783.97
39.00
537.80
1,360.77
Mar 2012
177.37
1,114.25
72.26
406.24
1,770.11
985.67
1,999.55
4,755.33
Mar 2012
0.00
3,461.61
3,461.61
208.45
Mar 2012
--
0.06
762.60
762.66
--
531.07
1,293.73
Dec 2011
315.35
1,066.27
71.42
312.12
1,765.15
971.70
1,962.26
4,699.11
Dec 2011
0.00
3,381.95
3,381.95
206.20
Dec 2011
343.68
437.34
781.08
536.09
1,317.16
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 27
Sep 2011
257.84
1,008.94
74.02
236.08
1,576.88
956.60
1,930.47
4,463.96
Sep 2011
0.00
3,294.70
3,294.70
205.65
Sep 2011
--
0.10
651.61
651.71
517.55
1,169.26

Annual Cash Flow
All amounts in millions of US Dollars except per share amounts.
Dec 2011
Cash and Cash Equivalents at the Beginning
of Year
539.22
Net Cash Provided in Operating Activities 218.03
Net Cash Provided by Investing Activities (281.22)
Net Cash Provided by Financing Activities (158.73)
Net Increase/Decrease in Cash and Cash
Equivalents
(223.87)
Cash and Cash Equivalents at the End of
Year
315.35
Dec 2010
699.63
240.26
(254.25)
(145.71)
(160.41)
539.22
Dec 2009
437.90
376.90
(119.68)
1.48
261.73
699.63
Dec 2008
407.08
242.50
(219.35)
8.24
30.82
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
437.90
Dec 2007
383.69
219.24
(120.57)
(78.94)
23.39
407.08
PAGE 28

Quarterly Cash Flow
All amounts in millions of US Dollars except per share amounts.
Quarter Ending
Sep 2012
Cash and Cash Equivalents at the Beginning
of Year
172.87
Net Cash Provided in Operating Activities (29.71)
Net Cash Provided by Investing Activities (274.59)
Net Cash Provided by Financing Activities 113.53
Net Increase/Decrease in Cash and Cash
Equivalents
(187.14)
Cash and Cash Equivalents at the End of
Year
128.21
Jun 2012
177.37
26.08
(200.34)
33.70
(142.48)
172.87
Mar 2012
315.35
(60.22)
(80.96)
0.90
(137.98)
177.37
Dec 2011
257.84
218.03
(281.22)
(158.73)
(223.87)
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
315.35
Sep 2011
380.38
92.76
(216.78)
(153.54)
(281.38)
257.84
PAGE 29

Earning Estimates
Average Estimate
Number of Analysts
High Estimate
Low Estimate
Year ago EPS
Growth Rate
Consensus Recommendation
Current Quarter
Dec 12
$0.39
14
$0.44
$0.35
$0.29
32.76%
Next Quarter
Mar 13
$0.29
8
$0.35
$0.22
$0.25
18.00%
Current Year Next Year
Dec 12 Dec 12
$1.36 $1.59
14 14
$1.42 $1.78
$1.30 $1.50
$0.67 --
103.09% 16.64%
Moderate Buy
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 30

Financial Market Data
Current Information
Last Close (30-Nov-2012)
$25.86 Price/Sales Ratio
0.89
52-Week High
$26.69 Price/Book Ratio
1.56
52-Week Low
$19.74 Price/Earnings Ratio
20.04
60-Month Beta
0.94 Price/Cash Flow Ratio
57.47
Market Cap
$5,710.28M Return on Assets
5.64%
Shares Outstanding
220.82M Return on Equity
7.88%
Dividend Rate -- Current Ratio 2.31
Dividend Yield 0.00% Long-Term Debt/Equity
0.00
# of Institutional Holders
% Owned by Institutions
--
Latest Short Interest Ratio
1.14 Latest Net Insider Transactions
Growth 12 Month
36 Month 60 Month
Revenue Growth
EPS Growth
Dividend Growth
17.62% 6.95% 16.76%
(13.89%) (11.02%) 32.82%
--
-- --
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 31

Historical Financials
Income Statement
Year Revenue ($ M) Net Income ($ M) Net Profit Margin Employees
Dec 2011 4,623.83 132.52 2.87% 17,500
Dec 2010 3,931.22 153.18 3.90% 13,751
Dec 2009 3,318.13 162.16 4.89% 14,673
Dec 2008 3,780.21 166.74 4.41% 14,751
Dec 2007 2,656.04 135.98 5.12% 15,261
Dec 2006 2,131.04 17.48 0.82% 12,021
Dec 2005 1,858.63 29.56 1.59% 11,104
Dec 2004 1,626.51 (9.19) -- 1,412
Dec 2003 1,642.85 (34.99) -- 1,476
Dec 2002 1,750.71 (619.56) -- 11,743
2011 Year-End Financials
Debt Ratio --
Return on Equity 7.88%
Cash ($ M) 315.35
Current Ratio 2.26
Long-Term Debt ($ M) --
Shares Outstanding (M) 206.20
Dividend Yield 0.00%
Dividend Payout --
Market Cap ($ M) 4,441.61
Stock History
Stock Price ($) P/E Per Share ($)
Year FY High FY Low FY Close High Low Earns. Div. Book Value
Dec 2011 24.18 15.37 21.54 39.00 24.79 0.62 -- 16.40
Dec 2010 23.23 16.75 19.92 32.26 23.26 0.72 -- 15.91
Dec 2009 25.80 15.84 20.84 31.85 19.56 0.81 -- 14.80
Dec 2008 35.39 10.56 19.80 40.22 12.00 0.88 -- 13.52
Dec 2007 33.42 18.66 26.24 37.55 20.97 0.89 -- 12.78
Dec 2006 20.05 12.24 19.67 133.67 81.60 0.15 -- 6.15
Dec 2005 14.97 7.18 13.17 59.88 28.72 0.25 -- 5.96
Dec 2004 9.52 4.83 8.00 -- -- -0.08 -- 5.66
Dec 2003 9.87 2.80 7.30 -- -- -0.30 -- 5.74
Dec 2002 18.90 1.75 3.59 -- -- -7.77 -- 8.93
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 32

Competitors List
Company
Cable Com
Comm-Works
Dycom
EMCOR (Top Competitor)
Goldfield
Henkels & McCoy
Integrated Electrical Services (Top
Competitor)
Mass Electric
MasTec
MDU Construction Services
MYR Group (Top Competitor)
Pike Electric Corporation
Tetra Tech
Gross Revenue
Net Profit
Margin
Net Operating Cash Flow
-- --
--
$38.10M --
--
$1,201.12M 3.18%
$65.13M
$5,613.46M 2.19%
$149.43M
$32.83M 13.89%
$1.17M
$1,199.23M --
--
$481.61M (4.65%)
($11.85M)
$110.40M --
--
$3,008.98M 2.15%
$5.83M
$419.00M --
--
$780.36M 3.08%
$30.39M
$685.17M 2.32%
$25.70M
$2,711.08M 3.85%
$158.02M
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
PAGE 33

Competitive Landscape
Companies listed are Top Competitors.
Key Numbers
Annual Sales ($ M)
Employees
Market Cap ($ M)
Profitability
Gross Profit Margin
Pre-Tax Profit
Net Profit Margin
Return on Equity
Return on Assets
Return on Invested
Capital
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow
Operations
Days of Sales
Outstanding
Inventory Turnover
Days Cost of Goods
Sold in Inventory
Asset Turnover
Net Receivables
Turnover Flow
Effective Tax Rate
Quanta Services,
Inc.
$4,623.83M
17,500
$4,441.61M
Quanta Services,
Inc.
14.86%
6.98%
4.46%
7.88%
5.64%
7.60%
Quanta Services,
Inc.
0.89
20.04
1.56
57.47
Quanta Services,
Inc.
72.8
80.5
4.5
1.3
5.0
31.97%
MYR Group Inc.
$780.36M
3,000
$390.55M
MYR Group Inc.
11.20%
4.92%
3.08%
13.42%
7.02%
12.85%
MYR Group Inc.
0.46
14.90
1.82
7.82
MYR Group Inc.
55.8
635.5
0.6
2.3
6.5
37.42%
EMCOR Group, Inc. Integrated
Electrical
Services, Inc.
$5,613.46M $481.61M
25,000 2,724
$1,781.37M $30.25M
EMCOR Group, Inc.
12.67%
3.63%
2.19%
10.70%
4.60%
9.55%
EMCOR Group, Inc.
0.36
16.31
1.66
16.78
EMCOR Group, Inc.
70.3
127.3
2.9
2.1
5.2
38.58%
Integrated
Electrical
Services, Inc.
9.84%
(4.60%)
(4.65%)
(33.25%)
(12.74%)
(28.59%)
Integrated
Electrical
Services, Inc.
0.13
-2.80
1.17
10.59
Integrated
Electrical
Services, Inc.
77.5
37.8
9.6
2.7
4.7
--
Industry
10.11%
3.47%
1.86%
6.36%
3.03%
5.19%
Industry
0.45
26.18
1.56
12.30
Industry
60.6
19.6
18.6
1.6
6.0
36.68%
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
Market
35.05%
11.18%
7.68%
12.72%
2.21%
6.20%
Market
1.17
17.36
1.86
7.86
Market
47.9
7.4
49.3
0.3
7.6
PAGE 34
--

Financial
Current Ratio
Quick Ratio
Leverage Ratio
Total Debt/ Equity
Interest Coverage
Per Share Data
Per Share Data
Dividend Per Share
Cash Flow Per Share
Working Capital Per Share
Long-Term Debt Per Share
Book Value Per Share
Total Assets Per Share
Growth
12-Month Revenue
12-Month Net Income
12-Month EPS Growth
12-Month Dividend Growth
36-Month Revenue Growth
36-Month Net Income Growth
36-Month EPS Growth
36-Month Dividend Growth
Quanta Services,
Inc.
2.26
1.77
1.39
0.00
139.95
Quanta Services,
Inc.
$28.95
--
$0.45
$4.46
--
$16.59
$21.28
Quanta Services,
Inc.
17.62%
(13.49%)
(13.89%)
--
6.95%
(7.37%)
(11.02%)
--
MYR Group Inc.
1.33
0.97
1.91
0.05
59.09
MYR Group Inc.
$46.69
--
$2.74
$2.86
$0.00
$11.77
$19.96
MYR Group Inc.
30.70%
13.50%
11.54%
--
8.20%
(8.17%)
(8.62%)
--
EMCOR Group, Inc.
1.46
1.28
2.44
0.12
28.16
EMCOR Group, Inc.
$92.27
$0.15
$1.96
$9.10
$2.30
$19.81
$45.30
EMCOR Group, Inc.
9.61%
--
--
--
(6.12%)
(10.45%)
(13.07%)
--
Integrated
Electrical
Services, Inc.
1.64
1.42
2.78
0.16
(9.26)
Integrated
Electrical
Services, Inc.
$32.75
--
$0.40
$4.19
$0.69
$3.63
$12.02
Integrated
Electrical
Services, Inc.
4.55%
--
--
--
(16.20%)
--
--
--
Industry
1.66
3.53
2.13
0.25
11.84
Industry
--
--
--
$5.28
$0.03
--
$28.40
Industry
5.22%
(19.71%)
--
--
(0.02%)
(16.13%)
--
--
866-541-3770 • HOOVERS.COM
Dec 05, 2012 •
Market
1.51
5.58
5.92
1.07
4.86
Market
--
--
--
$2.69
$0.08
--
$84.67
Market
8.36%
54.35%
--
2.18%
0.62%
(4.36%)
--
--
PAGE 35

Trust
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incorporating critical data from
the Financial Footnotes and
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Figure 1: New Constructs' Risk/Reward Rating
Overall
Risk/Reward
Rating
Very Dangerous
Dangerous
Neutral
Attractive
Very Attractive
Actual Values
S&P 500 (SPY)
Russell 2000 (IWM)
Source: New Constructs, LLC.
Economic vs
Reported EPS
Neutral EE
Return on Invested
Capital (ROIC)
Page 1
®
Dangerous Risk/Reward Rating
11/30/2012
Closing Stock Price as of 11/30/2012: $25.86
Figure 1 summarizes the five factors that drive our Overall
Risk/Reward Rating for PWR. Each factor offers insights into the
profitability and valuation of PWR.
Neutral EE means that economic EPS are negative but moving in the
same direction as GAAP EPS.
The biggest adjustment that lowers economic EPS and is not
captured in Reported EPS is Reported Net Assets.
Our Risk/Reward Rating system identifies disconnects between the
market's expectations for future cash flows and current cash flows.
This report provides a detailed explanation of each diagnostic
criterion and each rating for PWR. Appendices highlight Red Flags
and explain our Risk/Reward Rating system.
Quality of Earnings
Misleading Trend
False Positive
($1.11)
Neutral EE
Positive EE
Rising EE
vs.
Positive EE
Quanta Services, Inc. (PWR)
$0.62
PWR has an Overall Risk/Reward Rating of Dangerous because the
stock offers more downside risk than upside potential.
The combination of Neutral economic EPS with a rich stock valuation
drives a Risk/Reward Rating of Dangerous for PWR.
Bottom Quintile
4th Quintile
3rd Quintile
2nd Quintile
Top Quintile
3.8%
23.7%
10.1%
FCF Yield

New Constructs rectifies
accounting distortions in GAAP
financial statements.
®
Page 2: Economic vs Reported Earnings
Economic vs Reported Earnings
Why Economic Earnings Matter
Economic earnings are almost always meaningfully different than GAAP earnings. We
believe economic earnings provide a truer measure of profitability and shareholder value
creation than offered by GAAP earnings. Investors should beware investing in companies
that report profits meaningfully different than their economic earnings.
- Employee Stock Options
- Pension Over/Under Funding
- Excess Cash
- Restructuring charges
- Pooling Goodwill
- Minority Interests
- Off-Balance-Sheet Financing
- LIFO Reserve
- Unrealized Gains/Losses
- Goodwill Amortization
- Unconsolidated Subsidiaries
- Capitalized Expenses
11/30/2012
Figure 2 highlights the differences between the reported and economic earnings for
PWR. Note the Neutral EP score is caused by the company reporting negative GAAP
profits and generating negative economic profits.
During the last Fiscal Year, the biggest driver of the difference between reported and
economic EPS is Reported Net Assets.
Figure 2: Economic Earnings Per Share vs Reported EPS
Source: New Constructs, LLC.
Economic earnings and return on capital metrics are significantly more accurate when
as-reported financial statements have been adjusted to reverse accounting distortions
and Red Flags. The majority of the data required to reverse accounting distortions is
available only in the Notes to the Financial Statements, which we analyze rigorously. Our
core competency is gathering and analyzing all relevant financial data (from Financial
Statements and the Notes) so that we can deliver earnings analyses that best represent
the true profitability of businesses. See Figure 3 for a list of the Red Flag adjustments we
make to a company's reported GAAP profits in order to reverse accounting distortions
and arrive at a better measure of a firm's profits.
Figure 3: Accounting Issues and Red Flags that Distort GAAP
Source: New Constructs, LLC.
DUE DILIGENCE REVIEW
Quanta Services, Inc. (PWR)

®
Page 3: Economic vs Reported Earnings
Figure 4: Return on Invested Capital vs Weighted Average Cost of Capital
Source: New Constructs, LLC. Note: If average invested capital is negative, ROIC is not calculated.
How We Measure Economic Earnings
DUE DILIGENCE REVIEW
11/30/2012
Figure 4 compares PWR's Return on Invested Capital (ROIC) to its Weighted-Average
Cost of Capital (WACC). This company's ROIC during its last fiscal year ranks in the
Bottom Quintile.
The metrics we use to measure the economic performance of companies are Economic
Earnings Margin and Economic Earnings. The Economic Earnings Margin for a company
equals its Return on Invested Capital (ROIC) minus its Weighted-Average Cost of Capital
(WACC). The Economic Earnings of a company equal its Economic Earnings Margin
multiplied by its average Invested Capital. Economic Earnings per Share equal Economic
Earnings divided by Basic Shares Outstanding. ROIC equals Net Operating Profit After
Tax (NOPAT) divided by Invested Capital.
We believe our measures of economic performance are substantially more accurate than
accounting metrics because we make adjustments for all the issues listed in Figure 3.
Appendix 3 provides a line item by line item reconciliation of Net Income to Economic
Earnings.
Quanta Services, Inc. (PWR)

Page 4: Free Cash Flow Yield
®
Free Cash Flow Yield
Figure 5: Free Cash Flow Yield
DUE DILIGENCE REVIEW
11/30/2012
Rigorous back-testing shows that stocks with a Free Cash Flow Yield of at least 10%
significantly out-performed both the S&P 500 and a survivor-bias-adjusted index. For
more detail on Free Cash Flow Yield and our backtesting, see our report "Cash Is King,"
which was published November 30th, 2004.
Using Free-Cash-Flow Yields to pick stocks is not a new strategy. However, our strategy
yields superior results because we use a better measure of Free Cash Flow (FCF), in our
opinion. In the same way our economic EPS are better measures of profitability than
reported EPS, our measure of FCF is better than traditional accounting-based FCF. We
measure Free Cash Flow by subtracting the change in Invested Capital from NOPAT.
Source: New Constructs, LLC. Note: Dot on the line(s) in the chart marks the current value(s).
Figure 5 shows PWR's FCF Yield over the past several years. PWR's current FCF Yield
is (3.1%).
Free Cash Flow Yield equals unlevered FCF divided by enterprise value. The level of
FCF does not always reflect the health of a business or its prospects. For example, a
large amount of FCF can be a sign that a company has limited investment opportunities
and, hence, limited growth prospects. On the other hand, negative FCF can be an
attractive indication that a company has more investment opportunities than it can fund
with cash from operations. Zero FCF could mean that the company generates just
enough cash to internally fund its growth opportunities.
Quanta Services, Inc. (PWR)

The lower the stock price is
versus EBV, the lower the
potential risk of investing in the
stock.
The higher the stock price is
versus EBV, the greater the
potential risk of investing in the
stock.
Page 5: Price-to-EBV Per Share
®
Price-to-EBV Per Share
Figure 6: Economic Book Value Per Share vs Market Price
DUE DILIGENCE REVIEW
11/30/2012
Figure 6 shows the differences between the stock market price and Economic Book
Value (EBV) per share of PWR. These differences reflect the portion of the stock price
that is entirely dependent on future cash flow growth.
When stock prices are much higher than EBVs, the market predicts the economic
profitability (as distinct from accounting profitability) of the company will meaningfully
increase. When stock prices are much lower than EBVs, the market predicts the
economic profitability of the company will meaningfully decrease. If the stock price equals
the EBV, the market predicts the company's economic profitability will not change.
Source: New Constructs, LLC. Note: Dot on the line(s) in the chart marks the current value(s).
EBV measures the no-growth value of the company based on the current economic cash
flows generated by the business. It is also known as the "pre-strategy value" of the
company because it ignores the value attributable to future cash flows, which are, in
theory, what business strategies should aim to improve.
The Formula for EBV is: (NOPAT / WACC) + Excess Cash + Unconsolidated Subsidiary
Assets + Net Assets from Discontinued Operations - Debt (incl. Operating Leases) -
Value of Outstanding Stock Options - Under (Over) funded Pensions - Preferred Capital -
Minority Interests. EBV per share equals EBV divided by shares outstanding.
Quanta Services, Inc. (PWR)

Stock prices reflect the market’s
expectations for the present
value of future cash promised
to the owner.
Comparing the required future
performance to historical
performance positions
investors to asses the feasibility
of market expectations and
valuations.
See Appendix 4 for the specific
estimates used in this
company's valuation model.
Appendix 2 details each
Adjustment made to this
company's reported financial
results.
Page 6: Qualifying Market Expectations
®
Quantifying Market Expectations
Growth Appreciation Period
$26.24
$21.54
17.6%
Market Expectations
based on current price
$25.86
11/30/2012
We believe this stock has a Dangerous Risk/Reward Rating because there is a relatively
large difference between the expected financial performance implied by its market price
and the company's historical performance.
Figure 7 compares the future performance required to justify the company's stock market
price to its historical performance. Specifically, Figure 7 shows: to justify the current
stock price of $25.86, PWR must grow revenues at 7.9% and maintain a 0.7% Economic
Earnings Margin for 23 years.
Figure 7: Future Performance Required to Justify Valuation
Stock Price
Performance Hurdles
Revenue CAGR
Avg Economic Earnings Margin
5 Yr
14.9%
(4.6%)
DUE DILIGENCE REVIEW
Historical Performance
$20.84
18.0%
(4.9%)
Last FY
(5.3%)
Default
7.9%
0.7%
23 years
Source: New Constructs, LLC
Note: The Default Scenario is Based on the forecast set by the New Constructs analytical team, this scenario
represents a likely financial performance path the company may follow to justify the current market price.
Subscribers to our services may create alternate forecast scenarios based on their own estimates.
Historically, PWR has generated a Revenue CAGR of 14.9%, 18.0%, and 17.6% and
Economic Earnings Margins of (4.6%), (4.9%), and (5.3%) over the past 5, 3 and 1
year(s).
The market expects PWR to achieve a Revenue CAGR of 7.9% and Economic Earnings
Margins of 0.7% for 23 years.
GAP measures the number of years implied by the stock price over which the company
must maintain an edge over its current and future competitors. Specifically, GAP
measures the number of years a company will earn returns on invested capital greater
than its cost of capital on new investments. The law of competition dictates that a
company can only grow its economic earnings for the finite period over which it can
maintain a competitive advantage.
The Market-implied GAP of the S&P 500 is 20 years. For the Russell 1000, it is 23
years. PWR has a GAP of 23 years, which is similar to the indices. Based on this
criterion, PWR has about the same chance of seeing price appreciation versus the
indices.
However, our Overall Rating is Dangerous. Other criteria (per pages above) in our
rating system do not indicate PWR is an Attractive investment.
GAP analysis comes from our dynamic discounted cash flow model, a multi-stage DCF
model that values companies across multiple forecast horizons. Each forecast horizon
(i.e., Growth AppreciationPeriod - GAP), assumes the company cannot grow profits
beyond the GAP period. Our model exclusively uses no-growth terminal value
assumptions for calculating the value of the stock for each GAP.
The forecast drivers for our DCF model are: (1) Revenue Growth; (2) NOPBT Margin,
(i.e. EBIT Margin with Adjustments*), (3) Cash Tax Rate, (4) Incremental Net Working
and Fixed Capital needs. See Appendix 4 for the forecasts that drive our DCF model for
this company.
3Yr
- -
-
Quanta Services, Inc. (PWR)

Page 7: Qualifying Market Expectations
®
The Return On Invested Capital minus the weighted-average cost of capital.
Number of years the company can earn a positive Economic Earnings Margin on
incremental investments, i.e. the number of years it can create economic value.
1. "How fast will the company grow?"
3. "For how many years will the company grow economic
earnings or create incremental value?"
11/30/2012
Our Company Models value stocks based on the present value of expected free cash
flows, with that free cash flow measured according to our economic (as distinct from
conventional accounting) methodology. Website subscribers forecast economic free cash
flow by assigning estimates to three value drivers:
1. Revenue Growth
Compounded over the indicated time frame.
2. Economic Earnings Margin
3. Growth Appreciation Period
An alternative way to conceptualize the three value drivers is:
2. "How profitable will the company be?"
DUE DILIGENCE REVIEW
Quanta Services, Inc. (PWR)

Attractive
2nd Quintile
-1% < 3%
> 3.5 or -1 < 0
®
Appendix 1: Explanation of New Constructs' Stock Ratings
Overall Risk/Reward Rating
The Overall Risk/Reward Rating provides a final rating based on the equal-weighted average rating of each criterion.
Very Dangerous
Neutral
Very Attractive
Misleading Trend
Neutral EE
Rising EE
Top Quintile
< -5%
2.4 < 3.5 or < -1
Page 8: New Constructs' Risk/Reward Rating
All criteria are equal-weighted in the average calculation except 2yr FCF Yield is excluded.
All criteria are equal-weighted in the average calculation.
Very Dangerous = negative and declining Economic Earnings despite positive and rising Reported Earnings
Positive EE Attractive = Economic Earnings are positive
Return on Invested Capital (ROIC)
All criteria are equal-weighted in the average calculation except 2yr FCF Yield is excluded.
Very Dangerous = in the bottom 20% of all companies
Dangerous = in the bottom 40% of all companies
Attractive = in the top 40% of all companies
FCF Yield
Ranks stocks based on their Free Cash Flow Yield. Values based on Latest Closing Stock price and Latest Fiscal Year.
> 10%
Growth Appreciation Period (yrs)
Very Dangerous = greater than or equal to 3.5 or less than 0 but greater than -1
Ranks stocks based on their Market-Implied Growth Appreciation Period. Values based on Latest Closing Stock price and Default Forecast Scenario.
0 < 3
All criteria are equal-weighted in the average calculation.
Very Attractive = Economic Earnings are positive and rising
Ranks stocks based on their ROIC. Values based on Latest Fiscal Year.
3rd Quintile
10 < 20
Neutral = Negative Economic and Reported Earnings
Very Attractive = more than +10%
Price-to-EBV Ratio
Ranks stocks based on their Price-to-Economic Book Value Ratio. Values based on Latest Closing Stock price and Latest Fiscal Year.
1.6 < 2.4
Very Dangerous = greater than or equal to 50 years
Dangerous = greater than or equal to 20 years but less than 50
Attractive = greater than or equal to 3 years but less than 10
Very Attractive = greater than or equal to 0 years but less than 3
11/30/2012
In-depth risk/reward analysis underpins our stock rating (Figure 1). Our stock rating methodology grades every stock according to what
we believe are the 5 most important criteria for assessing the quality of a stock. Each grade reflects the balance of potential risk and
reward of buying that stock. Our analysis results in the 5 ratings described below. Very Attractive corresponds to a "Buy" rating, Very
Dangerous corresponds to a "Sell" rating, and everything in-between corresponds to a "Hold" rating.
Dangerous
Economic vs Reported EPS
1.1 < 1.6
All criteria are equal-weighted in the average calculation.
Ranks stocks based on how their Economic Earnings compare their Reported Earnings. Values based on Latest Fiscal Year.
False Positive
Bottom Quintile
4th Quintile
-5% < -1%
3% < 10%
0 < 1.1
> 50
20 < 50
3 < 10
Dangerous = same as above except Reported EPS are not positive or are not rising
Neutral = in the middle 20% of all companies
Very Attractive = in the top 20% of all companies
Very Dangerous = less than or equal to -5%
Dangerous = more than -5% but less than or equal to -1%
Neutral = more than -1% but less than or equal to +3%
Attractive = more than +3% but less than or equal to +10%
Dangerous = greater than or equal to 2.4 but less than 3.5 and less than or equal to -1
Neutral = greater than or equal to 1.6 but less than 2.4
Attractive = greater than or equal to 1.1 but less than 1.6
Very Attractive = greater than or equal to 0 but less than 1.1
Neutral = greater than or equal to 10 years but less than 20
DUE DILIGENCE REVIEW
Quanta Services, Inc. (PWR)

®
Appendix 2: Red Flag and Economic Adjustments Summary
Values in millions except per share amounts
NOPAT Adjustments - Impact Analysis
GAAP Net Income
Net Non-Operating Items Pre-Tax
Change in Total Reserves
Goodwill Amortization
ESO Expense (Employee Stock Options)
Implied Interest for PV of Operating Leases
Non-Operating Tax Adjustment
Net After-Tax Non-Operating Items
NOPAT (Net Operating Profit After Tax)
Invested Capital Adjustments - Impact Analysis
Reported Net Assets
Excess Cash
Total Reserves
Net Deferred Compensation Assets
Unconsolidated Subsidiary Assets (non-operating)
Net Assets from Discontinued Operations
Off-Balance-Sheet Operating Leases
Accumulated Unrecorded Goodwill
Accumulated Goodwill Amortization
Accumulated Asset Write-Downs After-Tax
Net Deferred Tax Asset
Accumulated OCI (Other Comprehensive Income)
Invested Capital
Net Non-Operating Items Pre-tax - Detail
Non-Operating Items Hidden in Operating Items $0.00
$0.00
$2.80 $10.46 $32.60
Asset Write-Downs Hidden in Operating Items
$5.33
$2.50
$8.76
$4.65
$0.85
Income from Pension Service Costs Hidden in Operating Items $0.00
$0.00
$0.00
$0.00
$0.00
Other Recurring Net Periodic Benefit Costs
$0.00
$0.00
$0.00
$0.00
$0.00
Non-Recurring Net Periodic Benefit Costs in Operating Items
$0.00
$0.00
$0.00
$0.00
$0.00
Reported Net Non-Operating Items
$2.12
$7.40
$8.39
$9.93
$1.31
Net Non-Operating Items Pre-Tax
$7.45
$9.90 $19.95 $25.04 $34.77
Page 9: Economic Adjustments Summary
$135.98
$7.45
$0.00
$0.00
($0.00)
$9.93
($25.75)
($2.84)
$124.77
$2,800.00
($274.28)
$0.00
$0.00
($0.00)
($0.00)
$160.61
$19.60
$59.10
$608.12
$101.42
($3.66)
$3,470.90
2008 2009
$166.74 $162.16 $153.18
$9.90 $19.95 $25.04
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
($0.00) ($0.00) ($0.00)
$8.57
$6.82
$6.71
$10.76 ($13.25) ($7.24)
$0.00
$1.37
$2.38
$3,020.72
($248.89)
$0.00
$0.00
($0.00)
($0.00)
$152.21
$19.60
$59.10
$609.75
$83.42
$2.96
$3,698.87
More information and detail on our adjustments is provided in our Company Valuation Models.
2007
$195.97
DUE DILIGENCE REVIEW
$177.06
$3,457.12
($533.72)
$0.00
$0.00
($0.00)
($0.00)
$125.80
$19.60
$59.10
$615.70
$167.58
($3.50)
$3,907.67
2010 2011
$180.06
$3,629.94
($342.66)
$0.00
$0.00
($0.00)
($0.00)
$120.07
$19.60
$59.10
$619.56
$212.20
($14.12)
$4,303.69
11/30/2012
$132.52
$34.77
$0.00
$0.00
($0.00)
$6.02
($15.25)
$11.90
$169.95
$3,684.45
($84.16)
$0.00
$0.00
($0.00)
($0.00)
$114.37
$19.60
$59.10
$621.13
$233.64
($0.71)
$4,647.43
Quanta Services, Inc. (PWR)

Values in millions except per share amounts
NOPAT = Net Income with Adjustments as per below
®
Appendix 3: Red Flag Impact: Reconciling Net Income to Economic Earnings
GAAP Net Income
Net Non-Operating Items Pre-Tax
As a % of Revenue
Change in Total Reserves
As a % of Revenue
Goodwill Amortization
As a % of Revenue
ESO Expense (Employee Stock Options)
As a % of Revenue
Implied Interest for PV of Operating Leases
As a % of Revenue
Non-Operating Tax Adjustment
As a % of Revenue
Net After-Tax Non-Operating Items
As a % of Revenue
NOPAT (Net Operating Profit After Tax)
Capital Charge for Average Reported Net Assets
As a % of Revenue
Capital Charge for Average Excess Cash
As a % of Revenue
Capital Charge for Average Total Reserves
As a % of Revenue
Capital Charge for Average Net Deferred Compensation Assets
As a % of Revenue
Capital Charge for Average Unconsol Sub Assets (non-operating)
As a % of Revenue
Capital Charge for Average Net Assets from Discontinued Operations
As a % of Revenue
Capital Charge for Average Off-Balance-Sheet Operating Leases
As a % of Revenue
Capital Charge for Average Unrecorded Goodwill
As a % of Revenue
Capital Charge for Average Accumulated Goodwill Amortization
As a % of Revenue
Capital Charge for Average Cumulative Asset Write-Offs After Tax
As a % of Revenue
Capital Charge for Net Deferred Tax Assets
As a % of Revenue
Capital Charge for Average Accumulated OCI
As a % of Revenue
Mid-Year Acquisition Capital Charge Adjustment
As a % of Revenue
Capital Charge for Average Invested Capital
Economic Earnings = NOPAT minus Capital Charge
Economic Earnings
Economic Earnings per Share
Basic EPS
Page 10: Reconciling Net Income to Economic Earnings
2007
$135.98
7.4
0.3%
0.0
0.0%
0.0
0.0%
(0.0)
(0.0%)
9.9
0.4%
(25.7)
(1.0%)
($2.84)
(0.1%)
$124.77
Capital Charge = WACC * Average Invested Capital as detailed below
195.9
7.4%
(26.1)
(1.0%)
0.0
0.0%
0.0
0.0%
(0.0)
(0.0%)
(0.0)
(0.0%)
12.5
0.5%
1.9
0.1%
5.6
0.2%
57.4
2.2%
4.8
0.2%
(0.2)
(0.0%)
0.0
0.0%
$251.74
($126.97)
($0.94)
$1.00
2008 2009
$166.74
9.9
20.0
25.0
34.8
0.3% 0.6% 0.6% 0.8%
0.0 0.0
0.0
0.0
0.0% 0.0% 0.0% 0.0%
0.0
0.0
0.0
0.0
0.0% 0.0% 0.0% 0.0%
(0.0)
(0.0) (0.0)
(0.0)
(0.0%) (0.0%) (0.0%) (0.0%)
8.6
6.8
6.7
6.0
0.2% 0.2% 0.2% 0.1%
10.8 (13.2) (7.2) (15.2)
0.3% (0.4%) (0.2%) (0.3%)
$0.00 $1.37 $2.38 $11.90
0.0% 0.0% 0.1% 0.3%
$195.97
267.0 293.7 332.7 332.1
7.1% 8.9% 8.5% 7.2%
(24.0) (35.5) (41.1) (19.4)
(0.6%) (1.1%) (1.0%) (0.4%)
0.0
0.0
0.0
0.0
0.0% 0.0% 0.0% 0.0%
0.0
0.0
0.0
0.0
0.0% 0.0% 0.0% 0.0%
(0.0)
(0.0) (0.0)
(0.0)
(0.0%) (0.0%) (0.0%) (0.0%)
(0.0)
(0.0) (0.0)
(0.0)
(0.0%) (0.0%) (0.0%) (0.0%)
14.4
12.6
11.5
10.6
0.4% 0.4% 0.3% 0.2%
1.8 1.8
1.8
1.8
0.0% 0.1% 0.0% 0.0%
5.4
5.4
5.5
5.4
0.1% 0.2% 0.1% 0.1%
55.9
55.6
58.0
56.3
1.5% 1.7% 1.5% 1.2%
8.5
11.4
17.8
20.2
0.2% 0.3% 0.5% 0.4%
(0.0)
(0.0) (0.8)
(0.7)
(0.0%) (0.0%) (0.0%) (0.0%)
0.0
0.0 (6.9)
(1.5)
0.0% 0.0% (0.2%) (0.0%)
$328.91
($132.94)
($0.75)
$0.94
DUE DILIGENCE REVIEW
$162.16
$177.06
$344.87
($167.82)
($0.84)
$0.81
2010 2011
$153.18
$180.06
$378.56
($198.50)
($0.95)
$0.73
11/30/2012
$132.52
$169.95
$404.93
($234.98)
($1.11)
$0.62
Quanta Services, Inc. (PWR)

Values in millions except per share amounts
®
Appendix 4: DCF Forecast Drivers Summary
2007
33.9%
DCF Forecast Drivers
42.3% (12.2%) 18.5% 17.6% 35.4% 9.4% 8.0% 7.0% 6.5% 6.5%
NOPBT Margin
7.0% 7.9% 7.9% 7.1% 5.6% 6.4% 6.4% 6.4%
Cash Tax Rate
32.5% 34.7%
35.2%
33.9%
Net Working Capital Delta as % of Revenue Delta
284.2%
Historical
Total Operating Revenue Growth
24.6%
24.8%
2008 2009
28.6%
EY
1
33.9%
33.9%
12.3% 27.1% 32.3% 21.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
8.0%
32.0%
(72.3%)
2010 2011
Fixed Adjusted Assets Delta as % of Revenue Delta
32.3%
Page 11: DCF Forecast Drivers Summary
10.0%
EY
2
10.0%
EY
3
10.0%
EY
4
10.0%
EY
6
6.4% 6.4%
33.9%
33.9%
10.0%
DUE DILIGENCE REVIEW
EY
11
6.4%
33.9%
10.0%
EY
16
6.5%
6.4%
33.9%
10.0%
EY
21
6.5%
6.4%
33.9%
10.0%
EY
26
6.5%
6.4%
33.9%
10.0%
11/30/2012
EY
51
6.0%
6.4%
33.9%
10.0%
Quanta Services, Inc. (PWR)

Page 12: New Constructs Profile
®
New Constructs® - Profile
How New Constructs Creates Value for Clients
11/30/2012
1. Superior Recommendations - Our stock picks consistently outperform.
See our track record in our stock-picking accolades and Proof Is In
Performance reports.
2. More Accurate Research - Our patented Research Platform for reversing
accounting distortions and discounted cash flow analysis leverages better
data to deliver smarter research.
3. Time Savings - We check the fine print in thousands of corporate filings
so you don't have to. As reported by Barron's, our expertise in analyzing
SEC filings delivers Hidden Gems and Red Flags that drive long-term
stock-picking success.
4. Transparency - We are proud to share the results of our analysis of over
50,000 10-Ks. Request the Corporate Disclosure Transgressions report we
provided to the SEC. Our reports detail all data and assumptions.
Company Models enable users to change them.
5. Objectivity - New Constructs is an independent research firm, not tied to
Wall Street or investment banking services. Our models are driven by
comprehensive high-quality data not stories. See our presentation to the
Senate Banking Committee, the SEC and many others in DC.
Our Philosophy About Research
Accounting data is not designed for equity investors, but for debt investors.
Accounting data must be translated into economic earnings to understand the
profitability and valuation relevant to equity investors. Respected investors (e.g.
Adam Smith, Warren Buffett and Ben Graham) have repeatedly emphasized that
accounting results should not be used to value stocks. Economic earnings are
what matter because they are:
1. Based on the complete set of financial information available.
2. Standard for all companies.
3. A more accurate representation of the true underlying cash flows of the
business.
Additional Information
DUE DILIGENCE REVIEW
Incorporated in July 2002, New Constructs is an independent publisher of
investment research that provides clients with consulting, advisory and research
services. We specialize in quality-of-earnings, forensic accounting and
discounted cash flow valuation analyses for all U.S. public companies. We
translate accounting data from 10Ks into economic financial statements, i.e.
NOPAT, Invested Capital, and WACC, to create economic earnings models,
which are necessary to understand the true profitability and valuation of
companies. Visit the Free Archive to download samples of our research. New
Constructs is a BBB accredited business and a member of the Investorside
Research Association.
Quanta Services, Inc. (PWR)

Page 13: Legal Disclaimers
®
DISCLOSURES
DISCLAIMERS
11/30/2012
The information and opinions presented in this report are provided to you for information purposes only and are not to be used
or considered as an offer or solicitation of an offer to buy or sell securities or other financial instruments. New Constructs has
not taken any steps to ensure that the securities referred to in this report are suitable for any particular investor and nothing in
this report constitutes investment, legal, accounting or tax advice. This report includes general information that does not take
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The investments or services contained or referred to in this report may not be suitable for you and it is recommended that you
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Quanta Services, Inc. (PWR)

Quanta Services 2011 Annual Report
PWR Lines

The world is connected by lines. Power
lines deliver electricity to energize
communities. Telecommunication lines
bring people around the world closer
together. Pipelines help us realize the
promise of cleaner energy resources.
Quanta Services builds and maintains
the lines that make these connections.
It has a strong workforce and balance
sheet. Through the ability to execute
projects efficiently and safely, Quanta
gained momentum in all of its business
segments in 2011, and there are many
reasons to look toward the future with
great optimism.

A skilled and highly trained workforce
is paramount in the industries Quanta
serves. Quanta invests what it takes to
develop and retain the best employees
to ensure safe project execution.
Front Lines
Quanta currently employs more than 17,000
dedicated employees – the largest specialized
contracting workforce in the industry. The company
has an industry-leading safety record and provides
the best training and equipment to get the job done
safely and efficiently.

Aging grid infrastructure and new
sources of renewable energy are driving
electric power transmission infrastructure
investment. Quanta is the premier specialty
contractor performing these projects.
Stronger Lines
The electric grid in North America requires a
significant amount of investment to improve reliability,
meet future electricity demand and interconnect
new power generation sources. The need for new
investment has reached a critical point, and spending
is accelerating. Over the past 24 months, Quanta has
secured transmission projects totaling more than
$3 billion.

Cleaner Lines
The growing demand for domestic energy
sources has given rise to burgeoning shale
developments. Quanta is building the
pipelines necessary to bring these new
resources to market.
United States shale and Canadian oil sands
developments are expanding rapidly. As these
resources are developed, pipelines are needed to
transport this energy source to load centers. Quanta
has the ability and agility to apply its expertise where
resources exist and where demand will be. Quanta
has opened offices in several major shale plays and
is ready to move into others as opportunities arise.

Faster Lines
Wireless, voice and data traffic is growing at
explosive rates and current networks won’t be able
to accommodate the growth. Carriers are converting
their systems to new broadband technologies that
require upgrades to fiber optic backhaul networks.
Quanta’s telecom infrastructure expertise is
particularly attractive to these customers. Quanta
is known for developing proprietary and proven
methods that help customers reduce build-out time
and environmental impact.
The growing technological demands of
mobile communications and interactive
entertainment are driving the development
of fiber optic networks. Quanta is delivering
the solutions to expand these networks.

Harnessing energy from renewable sources,
such as the sun, is increasingly important to
delivering power around the world. Quanta
handles these projects from beginning to end.
Sky Lines
Renewable energy is becoming an important
component of the world’s power generation mix. Solar
projects in particular are becoming more complex and
larger in scope. Quanta is meeting the challenge, with
the ability to deliver full engineering, procurement
and construction (EPC) services for solar installations.
Quanta has helped customers reduce project costs
and has installed approximately 240 MW of capacity
to date.

Border Lines
Countries around the
world are clamoring for
new infrastructure.
Quanta is strategically
pursuing the most
promising opportunities.
Canada’s electricity sector alone is expected to
invest $293.8 billion from 2010 to 2030 to maintain
existing assets and meet market growth, according
to an April 2011 report issued by The Conference
Board of Canada. Mining and oil sand development
continues, and infrastructure is needed to transport
Canada’s resources to and from remote areas.
Quanta has enhanced its Canadian presence and
capabilities to help meet these rapidly growing
infrastructure needs.

Bottom Lines
The recession and regulatory environment
presented serious challenges across many
industries. Quanta weathered the effects
with strong fundamentals.
Despite industry and economic headwinds, revenues
increased more than 17 percent and total backlog
hit a record of $7.2 billion at December 31, 2011.
Quanta has prospered in a difficult environment by
maintaining revenue diversity and conservatively
managing its balance sheet. Quanta also has the
ability to fund working capital needs and the flexibility
to take advantage of future opportunities.

TimeLines
Over the past decade, key
developments in the industries
Quanta serves have positioned
the company for the future.
Northeast blackout
raises awareness of
the state of the nation’s
power grid. Quanta’s
skilled workforce works
diligently to increase
reliability.
2003
Energy Policy Act
enacted to address
energy production
in the United States.
Key aspects of the
act include energy
efficiency, renewable
energy, oil and gas and
coal. Quanta’s ability to
partner with customers
on projects from concept
to completion bring
strategies to reality.
2005
State renewable portfolio
standards require
increased production of
energy from renewable
resources. The result
is new development of
renewable generation
facilities and utilities
focused on the
connection of renewable
resources to the grid.
Quanta becomes the
partner of choice to help
utilities meet the new
requirements.
2007

The American Recovery
and Reinvestment Act of
2009 brings $7.2 billion
in federal funding to
support the development
of broadband connectivity
in unserved and
underserved areas.
Quanta assists in this
development through
its ability to manage all
aspects of the project to
ensure they remain on
time and on budget.
2009
Unconventional
resources such as the
Canadian oil sands and
U.S. shale plays are
increasingly valuable
resources to the United
States as it works
to increase energy
independence. Quanta
expands its pipeline
portfolio to capitalize on
emerging opportunities.
Transmission infrastructure
investment is projected
to triple by 2030. Quanta
is awarded a record
number of large electric
transmission projects.
Quanta is well positioned for
future growth with record backlog
at year end 2011, more than 10
large electric transmission projects
under construction, strengthening
pipeline business and telecom
network ramp-up underway.
2010 2011 2012

Looking back at the second half of 2011 and forward to 2012, we have never been more excited
about the momentum Quanta is experiencing in the industries we serve and the future growth
opportunities for our company. The long-anticipated electric power transmission build-out is now
here. North America’s natural gas liquid-rich shale plays and oil sands are in full development.
Long Term Evolution (LTE) and 4G wireless networks are being rolled out and broadband stimulus
projects are being deployed across the United States. Quanta is playing a lead role in all of these
advancements. We are building the infrastructure for the future, today.
In the first half of 2011, the company faced a challenging economy and a difficult regulatory
environment fraught with delays. Despite these obstacles, our business began to improve in the
second half of 2011. Throughout the year, we remained steadfast in our focus to safely execute
projects across all of our operations.
Well-Planned Management Transition
On May 19, 2011, I transitioned from chief operating officer to president and chief executive officer, while John Colson
assumed the role of Quanta’s executive chairman. John remains actively involved with the company, working with the
executive team on strategic acquisitions and investments, international expansion and customer relations. This passing
of the baton was the final step in a long-planned succession strategy and took place at a time when Quanta was solidly
positioned for immediate and future achievement. John’s foresight and leadership has set Quanta on track for many years
of continued success.
I am honored to be named to this position and will continue to build upon the foundation that has made our
organization successful. We have a strong leadership team – one that I believe to be the best in the industry. We will
leverage our strengths to maintain our market-leading position with the goal of delivering sustained profitable growth into
the future.
Letter to Stockholders

James F. O’Neil, III
President and Chief Executive Officer
Record Revenues and Backlog
At the end of 2011, our 12-month and total backlog were both at record levels – with 12-month backlog at $3.6 billion,
up 24 percent from 2010, and total backlog at $7.2 billion, a 15 percent increase. Much of this growth came from large
electric transmission project awards during the year. Quanta also built significant backlog in its telecom segment, driven
mainly by new broadband stimulus work. The natural gas and pipeline segment is also gaining momentum. Year-end
2011 backlog increased over 2010, and to date in 2012, we have been awarded more than $400 million in new pipeline
projects for shale gathering systems, which we expect to complete this year.
Quanta has maintained a strong balance sheet during these challenging times. We redeemed $143.8 million of
convertible subordinated notes in 2010, and as of the end of 2011, Quanta effectively had no debt. In 2011, we used a
portion of our cash to buy back $150 million in stock and our cash position remains strong, closing out 2011 with about
$824 million in liquidity when combined with available borrowing capacity under our credit facility.
Quanta’s solid balance sheet and liquidity puts our company in a preferred competitive position. We have the
working capital to meet our customers’ needs, and we have the financial strength to support our strategic initiatives to
profitably grow the company’s revenues in 2012 and beyond.
Momentum in all Operating Segments
ElEctric PowEr
In 2011, our electric power segment achieved record revenues and profits largely due to the number and size of electric
transmission projects that moved into construction in the second half of 2011 along with recovery in distribution spending
by our customers for the first time since 2008. We anticipate a robust year for our solar EPC and wind construction
services business in 2012 despite a disappointing 2011 in our renewable energy business. We believe electric power
revenues will see double-digit growth and we expect backlog in this segment to remain strong, as more transmission
awards are likely throughout 2012.

Revenues for years ended December 31,
$ in millions
Fiber Optic Licensing
Telecommunications
Natural Gas & Pipeline
Electric Power
Natural Gas aNd PiPEliNE
Last year was very challenging for the natural gas and pipeline segment, with the Keystone XL project representing the
epitome of regulatory delays. To mitigate the cyclical nature of the large-diameter pipeline business, we have recently made
a few important moves to stabilize revenues and profitability in this segment. First, we restructured our gas distribution
operations to improve our cost structure and competitiveness. Second, we established local operations in the liquid-rich
shale fields and utilized our pipeline construction resources to build gathering system infrastructure. And finally, to help our
customers meet more stringent pipeline regulations across the country, we acquired a smart pigging technology to expand
our pipeline integrity and rehabilitation services. The results so far have been encouraging, and we believe this segment
is now more favorably positioned for profitable growth.
The unconventional shales are an energy game changer for North America. In the United States, there is more
than 100 years worth of natural gas supply at today’s usage, and infrastructure development in the shales is robust.
The development of Canadian oil sands should also provide significant opportunity to build pipeline infrastructure to U.S.
refineries and throughout Canada. We anticipate that demand for these resources will continue to increase and more
infrastructure will be needed in both the near and long term.
tElEcommuNicatioNs
Quanta’s telecom segment improved its financial performance in 2011, a trend we expect to continue through 2012
and into 2013. Increases in revenues, margins and backlog during 2011 were driven by engineering and construction of
broadband stimulus projects, fiber backhaul projects and wireless-related work. We continue to see growing opportunities
as carriers aim to improve 3G wireless networks and upgrade to 4G and LTE networks to keep up with accelerating
demand for wireless traffic bandwidth.
FibEr oPtic licENsiNG
We continued to build out our networks and experienced increased sales activity in 2011, as the education sector,
traditionally our largest customer base, increased spending for the first time since 2008. We expect to see more
opportunities in this segment into 2012 and beyond.
$5,000
4,000
3,000
2,000
1,000
0
2008 2009 2010 2011

Total Backlog at December 31,
$ in millions
Fiber Optic Licensing
Telecommunications
Natural Gas & Pipeline
Electric Power
Safety in Numbers
We closed 2011 with a workforce of more than 17,000 employees, and continue to have industry-leading safety results.
Safety excellence and leadership have always been core to Quanta, and in 2011, we augmented our commitment by
launching a safety leadership program to further improve our performance.
We would like to recognize and thank our employees for their ongoing commitment to serving our customers,
communities and shareholders and for their dedication to safely executing projects during a period of significant ramp-up
in all of our operating segments.
2012 and Beyond
As we look ahead, we see continued momentum and growth in all of our operating segments. We have the people,
equipment and resources to safely and efficiently execute projects and to exceed customer expectations during this multi-
year growth cycle. I believe 2012 will prove to be a banner year for our company.
To our shareholders, I thank you for your continued confidence in our company. Be assured that Quanta will strive
to maintain that confidence.
Jim O’Neil
President and Chief Executive Officer
$7,500
6,000
4,500
3,000
1,500
0
2008 2009 2010 2011

Selected Financial Data
(IN ThOUSANDS, EXCEPT PER ShARE INFORMATION)
AS OF DECEMBER 31,
SUMMARY BALANCE SHEET 2011 2010
Total current assets $ 1,765,154 $ 1,596,364
Property and equipment, net 971,696 900,768
Other assets, net 153,830 88,858
Other intangible assets, net 207,224 194,067
Goodwill 1,601,210 1,561,155
Total assets $ 4,699,114 $ 4,341,212
Current liabilities $ 781,076 $ 500,395
Deferred income taxes 233,644 212,200
Insurance and other non-current liabilities 295,131 261,698
Stockholders’ Equity 3,389,263 3,366,919
Total liabilities and equity $ 4,699,114 $ 4,341,212
SUMMARY INCOME STATEMENT 2011 2010
Revenues $ 4,623,829 $ 3,931,218
Operating income $ 217,683 $ 256,183
Net income attributable to common stock $ 132,515 $ 153,176
Diluted earnings per share attributable to common stock $ 0.62 $ 0.72
SUMMARY CASH FLOW DATA 2011 2010
Net cash provided by operating activities $ 218,030 $ 240,258
Capital expenditures, net of proceeds from sales 162,102 124,002
Free cash flow (1) $ 55,928 $ 116,256
(1) this is a non-GaaP measure provided to enable investors to evaluate performance excluding the effects of
certain items management believes impact the comparability of operating results between reporting periods.

Quanta Operating Units
Allteck Line Contractors 866-882-8191 allteck.ca
Blair Park Services 866-993-1707 blairpark.com
Bradford Brothers 704-875-1341 bradfordbrothers.com
Can-Fer Construction Company 972-484-4344 canferconstruction.com
Dacon 713-558-6600 dashiell.com
Dashiell Corporation 713-558-6600 dashiell.com
Dillard Smith Construction Company 423-894-4336 dillardsmith.com
EhV Power 905-888-7266 ehvpower.com
Engineering Associates 678-455-7266 engineeringassociates.com
Fiber Technologies 770-554-2220 quantaservices.com
Golden State Utility Co. 209-579-3400 gsuc.net
h.L. Chapman Pipeline Construction 512-259-7662 hlchapman.com
InfraSource 630-613-3300 infrasourceus.com
InfraSource Pipeline Facilities 281-448-2488 quantaservices.com
InfraSource Telecommunications Services 215-513-9500 quantaservices.com
Intermountain Electric 303-733-7248 imelect.com
Irby Construction Company 800-872-0615 irbyconst.com
Longfellow Drilling Services 641-336-2297 parelectric.com
Manuel Brothers 530-272-4213 manuelbros.com
McGregor Construction 780-437-1340 mcgregor2000.com
Mears Group 800-632-7727 mears.net
M.J. Electric 906-774-8000 mjelectric.com
North houston Pole Line 713-691-3616 nhplc.com
North Sky Communications 800-755-6920 quantaservices.com
PAR Electrical Contractors 816-474-9340 parelectric.com
Pauley Construction Company 800-645-6047 pauleyc.com
Potelco 800-662-8670 potelco.net
Price Gregory Services 713-780-7500 pricegregory.com
Professional Teleconcepts 800-443-6277 pro-tel.com
Quanta Energized Services 713-629-7600 quantaservices.com
Quanta Power Generation 303-459-8300 quantapower.net
Quanta Technology 919-334-3040 quanta-technology.com
Quanta Wireless Solutions 800-443-6277 quantawireless.com
Realtime Utility Engineers 800-297-1478 realtimeutilityengineers.com
Ryan Company 508-742-2500 quantaservices.com
Spalj Construction Company 218-546-6022 spaljiconstruction.com
Sumter Utilities 800-678-8665 sumter-utilities.com
Sunesys 267-927-2000 sunesys.com
Trawick Construction Company 850-638-0429 trawickconstruction.com
Underground Construction Company 707-746-8800 undergrnd.com
Utilimap 866-732-3460 utilimap.com
VCI Construction 909-946-0905 vcicom.com
Valard Construction 780-436-9876 valard.com
QUANTA SERVICES, INC.
Winco Powerline Services 503-678-6060 wincoservices.com
2800 Post Oak Boulevard
Suite 2600 houston, Texas 77056-6175
Tel: 713.629.7600
Fax: 713.629.7676
quantaservices.com

(Mark One)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2011
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 Commission file number 1-13831
Quanta Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware 74-2851603
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2800 Post Oak Boulevard, Suite 2600
Houston, Texas 77056
(Address of principal executive offices, including zip code)
(713) 629-7600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Exchange on Which Registered
Common Stock, $.00001 par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Title of Each Class
None
Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes Í No ‘
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange
Act. Yes ‘ No Í
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days: Yes Í No ‘
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such files). Yes Í No ‘
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. ‘
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer Í Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘
(Do not check if a smaller reporting company)
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No Í
As of June 30, 2011 (the last business day of the Registrant’s most recently completed second fiscal quarter), the aggregate market value of the
Common Stock of the Registrant held by non-affiliates of the Registrant, based on the last sale price of the Common Stock reported by the New York
Stock Exchange on such date, was approximately $4.1 billion.
As of February 20, 2012, the number of outstanding shares of Common Stock of the Registrant was 207,426,375. As of the same date,
3,909,110 Exchangeable Shares and one share of Series F Preferred Stock were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s Definitive Proxy Statement for the 2012 Annual Meeting of Stockholders are incorporated by reference into Part III
of this Form 10-K.

QUANTA SERVICES, INC.
ANNUAL REPORT ON FORM 10-K
For the Year Ended December 31, 2011
INDEX
Page
Number
ITEM 1.
PART I
Business ................................................................. 2
ITEM 1A. Risk Factors .............................................................. 13
ITEM 1B. Unresolved Staff Comments ................................................. 30
ITEM 2. Properties ................................................................ 30
ITEM 3. Legal Proceedings ......................................................... 30
ITEM 4. Mine Safety Disclosures ....................................................
PART II
30
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities ............................................... 31
ITEM 6. Selected Financial Data ..................................................... 34
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations ............................................................... 36
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk ....................... 71
ITEM 8. Financial Statements and Supplementary Data ................................... 72
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure ............................................................... 124
ITEM 9A. Controls and Procedures .................................................... 124
ITEM 9B. Other Information .........................................................
PART III
125
ITEM 10. Directors, Executive Officers and Corporate Governance .......................... 126
ITEM 11. Executive Compensation .................................................... 126
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters ........................................................ 126
ITEM 13. Certain Relationships and Related Transactions, and Director Independence ........... 127
ITEM 14. Principal Accounting Fees and Services ........................................
PART IV
127
ITEM 15. Exhibits and Financial Statement Schedules .................................... 128
1

PART I
ITEM 1. Business
General
Quanta Services, Inc. (Quanta) is a leading provider of specialty contracting services, offering infrastructure
solutions primarily to the electric power, natural gas and oil pipeline and telecommunications industries in North
America and in select international markets. The services we provide include the design, installation, upgrade,
repair and maintenance of infrastructure within each of the industries we serve, such as electric power
transmission and distribution networks, substation facilities, renewable energy facilities, natural gas and oil
transmission and distribution systems and facilities and wireline and wireless telecommunications networks used
for video, data and voice transmission. We also own fiber optic telecommunications infrastructure in select
markets and license the right to use these point-to-point fiber optic telecommunications facilities to customers.
We report our results under four reportable segments: (1) Electric Power Infrastructure Services, (2) Natural
Gas and Pipeline Infrastructure Services, (3) Telecommunications Infrastructure Services and (4) Fiber Optic
Licensing. These reportable segments are based on the types of services we provide. Our consolidated revenues for
the year ended December 31, 2011 were approximately $4.62 billion, of which 66% was attributable to the Electric
Power Infrastructure Services segment, 22% to the Natural Gas and Pipeline Infrastructure Services segment, 10%
to the Telecommunications Infrastructure Services segment and 2% to the Fiber Optic Licensing segment.
We have established a presence throughout the United States and Canada with a workforce of over 17,500
employees, which enables us to quickly, reliably and cost-effectively serve a diversified customer base. We
believe our reputation for responsiveness and performance, geographic reach, comprehensive service offering,
safety leadership and financial strength have resulted in strong relationships with numerous customers, which
include many of the leading companies in the industries we serve. Our ability to deploy services to customers
throughout North America as a result of our broad geographic presence and significant scope and scale of
services is particularly important to our customers who operate networks that span multiple states or regions. We
believe these same factors also position us to take advantage of potential international opportunities.
Representative customers include:
• Ameren • KINBER
• American Electric Power • Lone Star Transmission
• American Transmission Company • Lower Colorado River Authority
• Anadarko • Mid American Energy
• ATCO Electric • National Grid
• BC Hydro • Northeast Utilities
• CapX2020 • Oklahoma Gas & Electric
• CenterPoint Energy • PacificCorp
• Central Maine Power Company • Pacific Gas & Electric
• Dominion Power • Pembina Pipelines
• Electric Transmission Texas • Piedmont Natural Gas
• Enbridge Pipeline • Puget Sound Energy
• Entergy • Qwest
• Enterprise Products • Samsung
• Eurus Avenal • San Diego Gas & Electric
• Exelon • Sharyland Utilities
• Florida Gas Transmission • Southern California Edison
• Florida Power & Light • Suncor
• Georgia Power • TransCanada
• Hydro One • Verizon Communications
• Ibedrola Renewables • Windstream
• International Transmission Company • Xcel Energy
2

We were organized as a corporation in the state of Delaware in 1997, and since that time we have grown
organically and have made strategic acquisitions, expanding our geographic presence and scope of services and
developing new capabilities to meet our customers’ evolving needs. In particular, in the past three years, we have
completed two significant acquisitions, as well as a number of smaller acquisitions. On October 25, 2010, we
acquired Valard Construction LP and certain of its affiliates (Valard), an electric power infrastructure services
company based in Alberta, Canada. This acquisition allowed us to further expand our electric power
infrastructure capabilities and scope of services in Canada. On October 1, 2009, we acquired Price Gregory
Services, Incorporated (Price Gregory), which provides natural gas and oil transmission pipeline infrastructure
services in North America, specializing in the construction of large diameter transmission pipelines. This
acquisition significantly expanded our existing natural gas and pipeline operations. We continue to evaluate
potential acquisitions of companies with strong management teams and good reputations to broaden our customer
base, expand our geographic area of operation and grow our portfolio of services. We believe that our financial
strength and experienced management team will be attractive to potential acquisition targets.
We believe that our business strategies, along with our competitive and financial strengths, are key elements
in differentiating us from our competition and position us to capitalize on future capital spending by our
customers. We offer comprehensive and diverse solutions on a broad geographic scale and have a solid base of
long-standing customer relationships in each of the industries we serve. We also have an experienced
management team, both at the executive level and within our operating units, and various proprietary
technologies that enhance our service offerings. Our strategies of expanding the portfolio of services we provide
to our existing and potential customer base, increasing our geographic and technological capabilities, promoting
best practices and cross-selling our services to our customers, as well as continuing to maintain our financial
strength, place us in a strong position to capitalize upon opportunities and trends in the industries we serve and to
expand our operations globally.
Reportable Segments
The following is an overview of the types of services provided by each of our reportable segments and
certain of the long-term industry trends impacting each segment. With respect to industry trends, we and our
customers continue to operate in a challenging business environment with stringent regulatory and environmental
requirements and only gradual recovery in the economy and capital markets from recessionary levels. Regulatory
and economic issues have adversely affected demand for our services and the timing of projects in the past and
may continue to do so in the future. Therefore, we cannot definitively predict the timing or magnitude of the
effect that industry trends may have on our business, particularly in the near-term. However, during 2011, in
particular during the last six months of 2011, we experienced an increase in project awards and demand for our
services, and many projects that had been negatively impacted by regulatory delays have overcome those
challenges and commenced construction.
Electric Power Infrastructure Services Segment
The Electric Power Infrastructure Services segment provides comprehensive network solutions to customers
in the electric power industry. Services performed by the Electric Power Infrastructure Services segment
generally include the design, installation, upgrade, repair and maintenance of electric power transmission and
distribution networks and substation facilities along with other engineering and technical services. This segment
also provides emergency restoration services, including the repair of infrastructure damaged by inclement
weather, and the energized installation, maintenance and upgrade of electric power infrastructure utilizing unique
bare hand and hot stick methods and our proprietary robotic arm technologies, as well as the installation of
“smart grid” technologies on electric power networks. In addition, this segment designs, installs and maintains
renewable energy generation facilities, in particular solar and wind, and related switchyards and transmission
networks. To a lesser extent, this segment provides services such as the design, installation, maintenance and
repair of commercial and industrial wiring, installation of traffic networks and the installation of cable and
control systems for light rail lines.
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Several industry trends provide opportunities for growth in demand for the services provided by the Electric
Power Infrastructure Services segment, including the need to improve the reliability of aging power
infrastructure, the expected long-term increase in demand for electric power and the incorporation of renewable
generation and other new power generation sources into the North American power grid. We believe that we are
the partner of choice for our electric power and renewable energy customers in need of broad infrastructure
expertise, specialty equipment and workforce resources.
Demand for electricity in North America is expected to grow over the long-term; however, the electric power
grids were not designed or constructed to serve today’s power needs. They are aging, continue to deteriorate and
lack redundancy. The increasing demand, coupled with the aging infrastructure, has affected and will continue to
affect reliability, requiring utilities to upgrade and expand their existing transmission and distribution systems.
Current federal legislation also requires the power industry to meet federal reliability standards for its transmission
and distribution systems. These system upgrades are resulting in increased spending and increased demand for our
services in the near-term, and we expect this will continue over the long-term as well.
As demand for power grows, the need for new power generation facilities will grow as well. The future
development of new traditional power generation facilities, as well as renewable energy sources such as solar and
wind, will require new or expanded transmission infrastructure to transport power to demand centers. Renewable
energy in particular often requires significant transmission infrastructure due to the remote location of renewable
sources of energy. As a result, we anticipate that future development of new power generation will lead to
increased demand over the long-term for our electric transmission design and construction services as well as our
substation engineering and installation services.
We consider renewable energy, including solar and wind, to be an ongoing opportunity for our engineering,
project management and installation services. Concerns about greenhouse gas emissions, as well as the goal of
reducing reliance on power generation from fossil fuels, are creating the need for more renewable energy
sources. Renewable portfolio standards (RPS), which mandate that renewable energy constitute a specified
percentage of a utility’s power generation by a specified date, exist in many states. Additionally, several of the
provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) include incentives for investments
in renewable energy, energy efficiency and related infrastructure. We believe that our comprehensive services,
industry knowledge and experience in the design, installation and maintenance of renewable energy facilities will
enable us to support our customers’ renewable energy efforts. Further, we have the financial strength to
selectively provide financing solutions to customers in a modest but strategic way to help facilitate the
development of renewable energy projects and also potentially create construction backlog for us.
Certain legislative and regulatory actions may also increase demand for our electric power infrastructure
services. For example, in July 2011, the Federal Energy Regulatory Commission (FERC) issued Order No. 1000,
which establishes transmission planning and cost allocation requirements for public utility transmission providers
that are intended to facilitate multi-state electric transmission lines. The order requires planning for transmission
to occur on both a local and regional basis and to take into account transmission needs driven by public policy
requirements. It also provides rules for cost allocation across areas so that transmission costs are paid for by the
beneficiaries of the infrastructure to be developed. The order also removes certain right of first refusals from
FERC-approved tariffs and agreements, which is intended to encourage a more competitive marketplace for
transmission infrastructure development and allow development to occur more quickly. We believe that certain
legislative and regulatory actions, such as FERC Order No. 1000, could have a positive impact on the
development of transmission infrastructure over the medium- and long-term, and as a result, increase demand for
our electric transmission services.
Natural Gas and Pipeline Infrastructure Services Segment
The Natural Gas and Pipeline Infrastructure Services segment provides comprehensive network solutions to
customers involved in the transportation of natural gas, oil and other pipeline products. Services performed by
the Natural Gas and Pipeline Infrastructure Services segment generally include the design, installation, repair and
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maintenance of natural gas and oil transmission and distribution systems, compressor and pump stations and
gathering systems, as well as related trenching, directional boring and automatic welding services. In addition,
this segment’s services include pipeline protection, integrity testing, rehabilitation and replacement and
fabrication of pipeline support systems and related facilities. To a lesser extent, this segment designs, installs and
maintains airport fueling systems as well as water and sewer infrastructure.
We see potential growth opportunities over the long-term in this segment, primarily in the installation and
maintenance of natural gas, natural gas byproducts and oil pipelines and related services for gathering systems
and pipeline integrity. In particular, we believe the existing pipeline and gathering system infrastructure in North
America is insufficient to support the increasing development of new sources of natural gas, oil and other liquids,
such as the unconventional shale formations and Canadian oil sands. We anticipate it will take several years to
build this infrastructure and believe this need will increase demand for our services over the long-term.
Ongoing development of unconventional shale formations throughout North America has resulted in a
significant increase in the country’s natural gas supply as compared to several years ago. We believe the
abundant natural gas supply, combined with lower gas prices, will stimulate demand for increased natural gas
usage in the future. As one of the cleanest-burning fossil fuels for power generation, low-cost natural gas
supports the U.S. goals of energy independence from foreign energy sources and a cleaner environment. The U.S.
Energy Information Administration has stated that the number of natural gas-fired power plants built will
increase significantly over the next two decades. As power generation from renewable energy sources continues
to increase and become a larger percentage of the overall power generation mix, we also believe natural gas will
be the fuel of choice to provide backup power generation to offset renewable energy intermittency. Additionally,
the Fukushima Daiichi nuclear incident in Japan in 2011 has increased the uncertainty of the future role of
nuclear energy for North America and will likely result in a delay in nuclear becoming a larger portion of North
American power generation. We believe these factors will result in increasing development of natural gas power
generation to meet North America’s future energy needs, which will in turn result in increased demand for
natural gas production and the need for additional infrastructure to connect natural gas supplies to demand
centers, increasing the demand for our services.
Additional pipeline infrastructure is also needed for the transportation of crude oil and other liquids from
unconventional shale formations in the United States and Canada. Heavy crude oil from the Canadian oil sands is
also being developed and requires pipelines to be built to take the product to refineries, many of which are in the
coastal region along the Gulf of Mexico. Canadian oil sands and shale formations in certain parts of the U.S. and
Canada contain significant reserves, and the economics of the production of these reserves depend on the price of
oil. Oil prices are currently at a level that encourages the development of these oil reserves, which will require
pipeline infrastructure to be built. We believe this need will increase demand for our services.
Other infrastructure, primarily midstream gathering systems, is also needed to support the development of
unconventional shale formations. To diversify our transmission pipeline service offering, we are focusing on
opportunities to provide our infrastructure services for gathering systems and related facilities, particularly in the
liquid-rich shale formations. We are increasing our presence in the areas of several shale formation through the
establishment of local offices to better position us to pursue these opportunities.
As a result of recent significant pipeline incidents in the United States, federal and state regulatory agencies
are implementing new pipeline safety rules and increasing enforcement activities. The U.S. Department of
Transportation has implemented significant regulatory legislation through the Pipeline and Hazardous Materials
Safety Administration relating to pipeline integrity requirements. Testing is expected to become more frequent,
extensive and invasive, and more information will be available regarding the condition of the country’s pipeline
infrastructure. As a result, we anticipate a significant increase in spending allocated to pipeline integrity testing,
rehabilitation and replacement services, and an increase in demand for these services we provide. We expect
companies will increasingly seek out companies that can provide a turnkey management solution. We believe we
are one of the few companies in North America that offers a complete solution for pipeline companies and gas
utilities as they focus on testing, rehabilitating and replacing their pipeline infrastructure.
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Telecommunications Infrastructure Services Segment
The Telecommunications Infrastructure Services segment provides comprehensive network solutions to
customers in the wireline and wireless telecommunications industry, as well as the cable television industry.
Services performed by the Telecommunications Infrastructure Services segment generally include the design,
installation, repair and maintenance of fiber optic, copper and coaxial cable networks used for video, data and
voice transmission, as well as the design, installation and upgrade of wireless communications networks,
including towers, switching systems and backhaul links from wireless systems to voice, data and video networks.
This segment also provides emergency restoration services, including the repair of telecommunications
infrastructure damaged by inclement weather. To a lesser extent, services provided under this segment include
cable locating, splicing and testing of fiber optic networks and residential installation of fiber optic cabling.
We believe that certain provisions of the ARRA will continue to create additional demand for our services
in this segment into 2013. Specifically, the ARRA includes federal stimulus funding for the deployment of
broadband services to underserved areas that lack sufficient bandwidth to adequately support economic
development. Approximately $7.2 billion in stimulus funds have been awarded for broadband deployment to
municipalities, states and rural telephone companies, some of which are our long-standing customers. We also
expect many customers who received stimulus funds to continue to expand their networks even though stimulus
funding may no longer be available.
The combination of a growing North American wireless subscriber base, greater use of wireless data for
consumer and enterprise applications and services, and the development of innovative consumer wireless data
products has led to a significant increase in the amount of wireless data traffic on wireless networks. As a result,
the traditional backhaul infrastructure that has historically linked wireless cell sites to broader voice, data and
video networks is reaching capacity. To handle current and future wireless data traffic demands and to improve
wireless network quality and reliability, wireless carriers are implementing plans to replace their legacy backhaul
networks based on T-1 lines and circuit switching applications with fiber optic networks, typically referred to as
“fiber to the cell site” initiatives. We believe these initiatives will continue several more years before the
backhaul system upgrade is completed, resulting in additional opportunities to assist our wireless customers in
their fiber to the cell site initiatives.
We anticipate increased long-term opportunities arising from plans by a number of wireless companies to
deploy and implement 4G and LTE (Long Term Evolution) technology and networks throughout North America.
These technologies are being deployed in the United States using a new spectrum, which effectively requires an
entirely new network to be built. As a result, we expect significant capital expenditures will be made over a
relatively long period of time as wireless carriers build out their 4G and LTE networks and then augment and
optimize their networks for reliability and network quality. We believe wireless carriers are in the very early
stages of their 4G and LTE network deployment plans.
Although fiber to the premises (FTTP) and fiber to the node (FTTN) deployment has slowed significantly
since 2008, we expect fiber optic network build-outs will continue over the long-term as more Americans look to
next-generation networks for faster internet and more robust video services. We believe more active network
investment in FTTP and FTTN initiatives are more economically driven. Therefore, we believe greater
confidence in a recovering domestic economy may be required before companies resume investment in FTTP
and FTTN network deployment. We believe that we are well-positioned to furnish infrastructure solutions for
these initiatives throughout the United States.
Fiber Optic Licensing Segment
The Fiber Optic Licensing segment designs, procures, constructs, maintains and owns fiber optic
telecommunications infrastructure in select markets and licenses the right to use these point-to-point fiber optic
telecommunications facilities to our customers pursuant to licensing agreements, typically with terms from five
to twenty-five years, inclusive of certain renewal options. Under these agreements, customers are provided the
right to use a portion of the capacity of a fiber optic network, with the network owned and maintained by us. The
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Fiber Optic Licensing segment provides services to enterprise, education, carrier, financial services and
healthcare customers, as well as other entities with high bandwidth telecommunication needs. The
telecommunication services provided through this segment are subject to regulation by the Federal
Communications Commission and certain state public utility commissions.
The growth opportunities in our Fiber Optic Licensing segment primarily relate to geographic expansion to
serve customers who need secure high-speed networks, in particular communications carriers and educational,
financial services and healthcare institutions. These growth opportunities exist in both the markets we currently
serve, by expanding our existing network to add new customers, and expansion into new markets through the
build-out of new networks. This expected growth will require significant capital expenditures to support our
network expansion efforts.
Financial Information about Geographic Areas
We operate primarily in the United States; however, we derived $535.0 million, $256.1 million and $112.2
million of our revenues from foreign operations during the years ended December 31, 2011, 2010 and 2009,
respectively. Of our foreign revenues, approximately 97%, 87% and 84% were earned in Canada, during the years
ended December 31, 2011, 2010 and 2009, respectively. In addition, we held property and equipment in the amount
of $114.8 million and $94.0 million in foreign countries, primarily Canada, as of December 31, 2011 and 2010. The
increase in foreign revenues and assets is primarily due to the acquisitions of Valard, McGregor Construction 2000
Ltd. and certain of its affiliated entities (McGregor), Coe Drilling Pty. Ltd. (Coe) and Price Gregory.
Our business, financial condition and results of operations in foreign countries may be adversely impacted
by monetary and fiscal policies, currency fluctuations, regulatory requirements and other political, social and
economic developments or instability. Refer to Item 1A. “Risk Factors” for additional information.
Customers, Strategic Alliances and Preferred Provider Relationships
Our customers include electric power, natural gas and oil pipeline and telecommunications companies, as
well as commercial, industrial and governmental entities. We have a large and diverse customer base, including
many of the leading companies in the industries we serve. Our 10 largest customers accounted for approximately
36% of our consolidated revenues during the year ended December 31, 2011. Our largest customer accounted for
approximately 9.2% of our consolidated revenues for the year ended December 31, 2011.
Although we have a centralized marketing and business development strategy, management at each of our
operating units is responsible for developing and maintaining successful long-term relationships with customers. Our
operating unit management teams build upon existing customer relationships to secure additional projects and
increase revenue from our current customer base. Many of these customer relationships originated decades ago and
are maintained through a partnering approach to account management that includes project evaluation and consulting,
quality performance, performance measurement and direct customer contact. Additionally, operating unit
management focuses on pursuing growth opportunities with prospective new customers. We encourage operating
unit management to cross-sell services of our other operating units to their customers and to coordinate with our other
operating units to pursue projects, especially those that are larger and more complicated. Our business development
group supports the operating units’ activities by promoting and marketing our services for existing and prospective
large national accounts, as well as projects that would require services from multiple operating units.
We are a preferred vendor to many of our customers. As a preferred vendor, we have met minimum
standards for a specific category of service, maintained a high level of performance and agreed to certain
payment terms and negotiated rates. We strive to maintain preferred vendor status as we believe it provides us an
advantage in the award of future work for the applicable customer.
We believe that our strategic relationships with customers in the electric power, natural gas, oil and
telecommunications industries will continue to result in future opportunities. Many of these relationships take the
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form of strategic alliance or long-term maintenance agreements. Strategic alliance agreements generally state an
intention to work together over a period of time and/or on specific types of projects, and many provide us with
preferential bidding procedures. Strategic alliances and long-term maintenance agreements are typically
agreements for an initial term of approximately two to four years that may include renewal options to extend the
initial term.
Backlog
Backlog represents the amount of revenue that we expect to realize from work to be performed in the future on
uncompleted contracts, including new contractual agreements on which work has not begun. Our backlog includes
estimates of revenues to be realized under long-term maintenance contracts in addition to construction contracts. We
determine the amount of backlog for work under long-term maintenance contracts, or master service agreements
(MSAs), by using recurring historical trends inherent in the current MSAs, factoring in seasonal demand and
projected customer needs based upon ongoing communications with the customer. The following tables present our
total backlog by reportable segment as of December 31, 2011 and 2010, along with an estimate of the backlog
amounts expected to be realized within 12 months of each balance sheet date (in thousands):
Backlog as of
December 31, 2011
Backlog as of
December 31, 2010
12 Month Total 12 Month Total
Electric Power Infrastructure Services ....
Natural Gas and Pipeline Infrastructure
$2,365,531 $4,959,964 $1,798,284 $4,473,425
Services ..........................
Telecommunications Infrastructure
768,152 1,347,173 743,970 1,026,937
Services .......................... 336,030 529,589 228,549 415,460
Fiber Optic Licensing ................. 102,773 402,007 98,792 402,299
Total .............................. $3,572,486 $7,238,733 $2,869,595 $6,318,121
As discussed above, our backlog includes estimates of revenues to be realized under MSAs. Generally, our
customers are not contractually committed to specific volumes of services under our MSAs, and many of our
contracts may be terminated with notice, typically 30 to 90 days, even if we are not in default under the contract.
There can be no assurance as to our customers’ requirements or that our estimates are accurate. In addition, many of
our MSAs, as well as contracts for fiber optic licensing, are subject to renewal options. For purposes of calculating
backlog, we have included future renewal options only to the extent the renewals can reasonably be expected to
occur. Projects included in backlog can be subject to delays as a result of commercial issues, regulatory requirements,
adverse weather and other factors, which could cause revenue amounts to be realized in periods later than originally
expected.
Competition
The markets in which we operate are highly competitive. We compete with other contractors in most of the
geographic markets in which we operate, and several of our competitors are large companies that have significant
financial, technical and marketing resources. In addition, there are relatively few barriers to entry into some of
the industries in which we operate and, as a result, any organization that has adequate financial resources and
access to technical expertise may become a competitor. A significant portion of our revenues is currently derived
from unit price or fixed price agreements, and price is often an important factor in the award of such agreements.
Accordingly, we could be underbid by our competitors in an effort by them to procure such business. Economic
conditions have increased the impacts of competitive pricing in certain of the markets that we serve. We believe
that as demand for our services increases, customers will increasingly consider other factors in choosing a service
provider, including technical expertise and experience, financial and operational resources, nationwide presence,
industry reputation and dependability, which we expect to benefit larger contractors such as us. In addition,
competition may lessen as industry resources, such as labor supplies, approach capacity. There can be no
8

assurance, however, that our competitors will not develop the expertise, experience and resources to provide
services that are superior in both price and quality to our services, or that we will be able to maintain or enhance
our competitive position. We also face competition from the in-house service organizations of our existing or
prospective customers, including electric power, natural gas and pipeline, telecommunications and engineering
companies, which employ personnel who perform some of the same types of services as those provided by us.
Although a significant portion of these services is currently outsourced by many of our customers, in particular
services relating to larger energy transmission infrastructure projects, there can be no assurance that our existing
or prospective customers will continue to outsource services in the future.
Employees
As of December 31, 2011, we had approximately 2,300 salaried employees, including executive officers,
professional and administrative staff, project managers and engineers, job superintendents and clerical personnel, and
approximately 15,200 hourly employees, the number of which fluctuates depending upon the number and size of the
projects we undertake at any particular time. Approximately 48% of our hourly employees at December 31, 2011
were covered by collective bargaining agreements, primarily with the International Brotherhood of Electrical
Workers (IBEW), the Canadian Union Skilled Workers (CUSW) and the four pipeline construction trade unions
administered by the Pipe Line Contractors Association (PLCA), which are the Laborers International Union of North
America, International Brotherhood of Teamsters (Teamsters), United Association of Plumbers and Pipefitters and
the International Union of Operating Engineers. These collective bargaining agreements require the payment of
specified wages to our union employees, the observance of certain workplace rules and the payment of certain
amounts to multi-employer pension plans and employee benefit trusts rather than administering the funds on behalf
of these employees. These collective bargaining agreements have varying terms and expiration dates. The majority of
the collective bargaining agreements contain provisions that prohibit work stoppages or strikes, even during specified
negotiation periods relating to agreement renewal, and provide for binding arbitration dispute resolution in the event
of prolonged disagreement.
In January 2012, a strike by the Teamsters occurred that affected one of Quanta’s operating units, as well as
other PLCA members. The strike lasted ten days and arose from disputes between the PLCA and the Teamsters
over pension plan obligations included in a collective bargaining agreement (to which the Quanta operating unit
is a party) under negotiation at the time. Negotiations on the agreement stalled, resulting in the strike. Other
unions supported the strike by the Teamsters and did not work during the strike period. The disputes have been
effectively resolved and the collective bargaining agreement has been extended, but is still under negotiation. We
believe that further strikes can be averted as negotiations continue.
We provide health, welfare and benefit plans for employees who are not covered by collective bargaining
agreements. We have a 401(k) plan pursuant to which eligible employees who are not provided retirement
benefits through a collective bargaining agreement may make contributions through a payroll deduction. We
make matching cash contributions of 100% of each employee’s contribution up to 3% of that employee’s salary
and 50% of each employee’s contribution between 3% and 6% of such employee’s salary, up to the maximum
amount permitted by law.
Our industry is experiencing a shortage of journeyman linemen in certain geographic areas. In response to
the shortage and to attract qualified employees, we utilize various IBEW and National Electrical Contractors
Association (NECA) training programs and support the joint IBEW/NECA Apprenticeship Program which trains
qualified electrical workers. Certain of our Canadian operations also support the CUSW’s apprenticeship
programs for training construction and maintenance electricians and powerline technicians. We have also
established apprenticeship training programs approved by the U.S. Department of Labor for employees not
subject to the IBEW/NECA Apprenticeship Program, as well as additional company-wide and project-specific
employee training and educational programs.
We believe our relationships with our employees and union representatives are good.
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Materials
Our customers typically supply most or all of the materials required for each job. However, for some of our
contracts, we may procure all or part of the materials required. We purchase such materials from a variety of
sources and do not anticipate experiencing any significant difficulties in procuring such materials.
Training, Quality Assurance and Safety
Performance of our services requires the use of equipment and exposure to conditions that can be dangerous.
Although we are committed to a policy of operating safely and prudently, we have been and will continue to be
subject to claims by employees, customers and third parties for property damage and personal injuries resulting
from performance of our services. Our operating units have established comprehensive safety policies,
procedures and regulations and require that employees complete prescribed training and service programs prior
to performing more sophisticated and technical jobs, which is in addition to those programs required, if
applicable, by the IBEW/NECA Apprenticeship Program, the training programs sponsored by the four trade
unions administered by the PLCA, the apprenticeship training programs sponsored by the CUSW or our
equivalent programs. Under the IBEW/NECA Apprenticeship Program, all journeyman linemen are required to
complete a minimum of 7,000 hours of on-the-job training, approximately 200 hours of classroom education and
extensive testing and certification. Certain of our operating units have established apprenticeship training
programs approved by the U.S. Department of Labor that prescribe equivalent training requirements for
employees who are not otherwise subject to the requirements of the IBEW/NECA Apprenticeship Program.
Similarly, the CUSW offers apprenticeship training for construction and maintenance electricians that requires
five terms of 1,700 hours each, combining classroom and on-the-job training, as well as training for powerline
technicians that also involves classroom and jobsite training over a four-year period. In addition, the Laborers
International Union of North America, International Brotherhood of Teamsters, United Association of Plumbers
and Pipefitters and the International Union of Operating Engineers have training programs specifically designed
for developing and improving the skills of their members who work in the pipeline construction industry. Our
operating units also benefit from sharing best practices regarding their training and educational programs and
comprehensive safety policies and regulations.
Regulation
Our operations are subject to various federal, state, local and international laws and regulations including:
• licensing, permitting and inspection requirements applicable to contractors, electricians and engineers;
• regulations relating to worker safety and environmental protection;
• permitting and inspection requirements applicable to construction projects;
• wage and hour regulations;
• regulations relating to transportation of equipment and materials, including licensing and permitting
requirements;
• building and electrical codes;
• telecommunications regulations relating to our fiber optic licensing business; and
• special bidding, procurement and other requirements on government projects.
We believe that we have all the licenses required to conduct our operations and that we are in substantial
compliance with applicable regulatory requirements. Our failure to comply with applicable regulations could
result in substantial fines or revocation of our operating licenses, as well as give rise to termination or
cancellation rights under our contracts or disqualify us from future bidding opportunities.
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Environmental Matters and Climate Change Impacts
We are committed to the protection of the environment and train our employees to perform their duties
accordingly. We are subject to numerous federal, state, local and international environmental laws and
regulations governing our operations, including the handling, transportation and disposal of non-hazardous and
hazardous substances and wastes, as well as emissions and discharges into the environment, including discharges
to air, surface water, groundwater and soil. We also are subject to laws and regulations that impose liability and
cleanup responsibility for releases of hazardous substances into the environment. Under certain of these laws and
regulations, such liabilities can be imposed for cleanup of previously owned or operated properties, or properties
to which hazardous substances or wastes were sent by current or former operations at our facilities, regardless of
whether we directly caused the contamination or violated any law at the time of discharge or disposal. The
presence of contamination from such substances or wastes could interfere with ongoing operations or adversely
affect our ability to sell, lease or use our properties as collateral for financing. In addition, we could be held liable
for significant penalties and damages under certain environmental laws and regulations and also could be subject
to a revocation of our licenses or permits, which could materially and adversely affect our business and results of
operations. Our contracts with our customers may also impose liabilities on us regarding environmental issues
that arise through the performance of our services.
From time to time, we may incur costs and obligations for correcting environmental noncompliance matters
and for remediation at or relating to certain of our properties. We believe that we are in substantial compliance
with our environmental obligations to date and that any such obligations will not have a material adverse effect
on our business or financial performance.
The potential physical impacts of climate change on our operations are highly uncertain. Climate change
may result in, among other things, changes in rainfall patterns, storm patterns and intensities and temperature
levels. As discussed elsewhere in this Annual Report on Form 10-K, including in Item 1A. “Risk Factors”, our
operating results are significantly influenced by weather. Therefore, significant changes in historical weather
patterns could significantly impact our future operating results. For example, if climate change results in drier
weather and more accommodating temperatures over a greater period of time in a given period, we may be able
to increase our productivity, which could have a positive impact on our revenues and gross margins. In addition,
if climate change results in an increase in severe weather, such as hurricanes and ice storms, we could experience
a greater amount of higher margin emergency restoration service work, which generally has a positive impact on
our gross margins. Conversely, if climate change results in a greater amount of rainfall, snow, ice or other less
accommodating weather conditions in a given period, we could experience reduced productivity, which could
negatively impact our revenues and gross margins.
Risk Management and Insurance
We are insured for employer’s liability, general liability, auto liability and workers’ compensation claims.
Since August 1, 2009, all policy deductible levels are $5.0 million per occurrence, other than employer’s
liability, which is subject to a deductible of $1.0 million. We also have employee healthcare benefit plans for
most employees not subject to collective bargaining agreements, of which the primary plan is subject to a
deductible of $350,000 per claimant per year. For the policy year ended July 31, 2009, employer’s liability
claims were subject to a deductible of $1.0 million per occurrence, general liability and auto liability claims were
subject to a deductible of $3.0 million per occurrence, and workers’ compensation claims were subject to a
deductible of $2.0 million per occurrence. Additionally, for the policy year ended July 31, 2009, our workers’
compensation claims were subject to an annual cumulative aggregate liability of up to $1.0 million on claims in
excess of $2.0 million per occurrence. Our deductibles were generally lower in periods prior to August 1, 2008.
Losses under all of these insurance programs are accrued based upon our estimate of the ultimate liability
for claims reported and an estimate of claims incurred but not reported, with assistance from third-party
actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the
severity of an injury, the extent of damage, the determination of our liability in proportion to other parties and the
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number of incidents not reported. The accruals are based upon known facts and historical trends, and
management believes such accruals are adequate. As of December 31, 2011 and 2010, the gross amount accrued
for insurance claims totaled $201.2 million and $216.8 million, with $155.4 million and $164.3 million
considered to be long-term and included in other non-current liabilities. Related insurance recoveries/receivables
as of December 31, 2011 and 2010 were $63.1 million and $66.3 million, of which $9.8 million and $9.4 million
are included in prepaid expenses and other current assets and $53.3 million and $56.9 million are included in
other assets, net.
We renew our insurance policies on an annual basis, and therefore deductibles and levels of insurance
coverage may change in future periods. In addition, insurers may cancel our coverage or determine to exclude
certain items from coverage, or we may elect not to obtain certain types or incremental levels of insurance if we
believe that the cost to obtain such coverage is too high for the additional benefit obtained. In any such event, our
overall risk exposure would increase, which could negatively affect our results of operations, financial condition
and cash flows.
Seasonality and Cyclicality
Our revenues and results of operations can be subject to seasonal and other variations. These variations are
influenced by weather, customer spending patterns, bidding seasons, project timing and schedules, and holidays.
Typically, our revenues are lowest in the first quarter of the year because cold, snowy or wet conditions cause
delays in projects. Second quarter revenues are typically better than the first, as some projects begin, but
continued cold and wet weather can often impact second quarter productivity. Third quarter revenues are
typically the best of the year, as a greater number of projects are underway and weather is more accommodating
to work on projects. Generally, revenues during the fourth quarter of the year are lower than the third quarter but
higher than the second quarter. Many projects are completed in the fourth quarter, and revenues are often
impacted positively by customers seeking to spend their capital budgets before the end of the year; however, the
holiday season and inclement weather sometimes can cause delays, reducing revenues and increasing costs. Any
quarter may be positively or negatively affected by atypical weather patterns in a given part of the country, such
as severe weather, excessive rainfall or warmer winter weather, making it difficult to predict these variations and
their effect on particular projects quarter to quarter.
Additionally, our industry can be highly cyclical. As a result, our volume of business may be adversely
affected by declines or delays in new projects in various geographic regions in the United States and Canada.
Project schedules, in particular in connection with larger, longer-term projects, can also create fluctuations in the
services provided, which may adversely affect us in a given period. The financial condition of our customers and
their access to capital, variations in the margins of projects performed during any particular period, regional,
national and global economic and market conditions, timing of acquisitions, the timing and magnitude of
acquisition and integration costs associated with acquisitions and interest rate fluctuations are examples of items
that may also materially affect quarterly results. Accordingly, our operating results in any particular period may
not be indicative of the results that can be expected for any other period. You should read “Outlook” and
“Understanding Margins” included in Item 7. “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” for additional discussion of trends and challenges that may affect our financial
condition, results of operations and cash flows.
Website Access and Other Information
Our website address is www.quantaservices.com. You may obtain free electronic copies of our Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to
these reports through our website under the heading “Investors & Media/SEC Filings” or through the website of
the Securities and Exchange Commission (the SEC) at www.sec.gov. These reports are available on our website
as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. In addition,
our Corporate Governance Guidelines, Code of Ethics and Business Conduct and the charters of each of our
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Audit Committee, Compensation Committee and Governance and Nominating Committee are posted on our
website under the heading “Investors & Media/Corporate Governance.” We intend to disclose on our website any
amendments or waivers to our Code of Ethics and Business Conduct that are required to be disclosed pursuant to
Item 5.05 of Form 8-K. You may obtain free copies of these items from our website. We will make available to
any stockholder, without charge, copies of our Annual Report on Form 10-K as filed with the SEC. For copies of
this or any other Quanta publication, stockholders may submit a request in writing to Quanta Services, Inc., Attn:
Corporate Secretary, 2800 Post Oak Blvd., Suite 2600, Houston, TX 77056, or by phone at 713-629-7600. This
Annual Report on Form 10-K and our website contain information provided by other sources that we believe are
reliable. We cannot assure you that the information obtained from other sources is accurate or complete. No
information on our website is incorporated by reference herein.
ITEM 1A. Risk Factors
Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and
uncertainties described below. The matters described below are not the only risks and uncertainties facing our
company. Additional risks and uncertainties not known to us or not described below also may impair our
business operations. If any of the following risks actually occur, our business, financial condition and results of
operations could be negatively affected and we may not be able to achieve our goals or expectations. This Annual
Report on Form 10-K also includes statements reflecting assumptions, expectations, projections, intentions or
beliefs about future events that are intended as “forward-looking statements” under the Private Securities
Litigation Reform Act of 1995 and should be read in conjunction with the section entitled “Uncertainty of
Forward-Looking Statements and Information” included in Item 7. “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.”
Our operating results may vary significantly from quarter to quarter.
Our business can be highly cyclical and subject to seasonal and other variations that can result in significant
differences in operating results from quarter to quarter. For example, we typically experience lower gross and
operating margins during winter months due to lower demand for our services and more difficult operating
conditions. Additionally, our quarterly results may be materially and adversely affected by:
• permitting, regulatory or customer-caused delays on projects;
• adverse weather conditions;
• variations in the margins of projects performed during any particular quarter;
• unfavorable regional, national or global economic and market conditions;
• a reduction in the demand for our services;
• the budgetary spending patterns of customers and federal, state and local governments;
• increases in construction and design costs;
• the timing and volume of work we perform;
• the magnitude of work performed under change orders and the timing of their recognition;
• liabilities associated with pension plans in which our employees participate or withdrawals therefrom;
• changes in accounting pronouncements that require us to account for items differently than historical
pronouncements have;
• losses experienced in our operations not otherwise covered by insurance;
• a change in the mix of our customers, contracts and business;
• payment risk associated with the financial condition of our customers;
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• the termination or expiration of existing agreements;
• pricing pressures resulting from competition;
• changes in bonding and lien requirements applicable to existing and new agreements;
• implementation
operations;
of various information systems, which could temporarily disrupt day-to-day
• the recognition of tax benefits related to uncertain tax positions;
• costs we incur to support growth internally or through acquisitions or otherwise;
• the timing and integration of acquisitions and the magnitude of the related acquisition and integration
costs; and
• the timing and significance of potential impairments of long-lived assets, equity or other investments,
goodwill or other intangible assets.
Accordingly, our operating results in any particular quarter may not be indicative of the results that can be
expected for any other quarter or for the entire year.
Negative economic and market conditions may adversely impact our customers’ future spending as well as
payment for our services and, as a result, our operations and growth.
The economy is still recovering from the recession in 2008 and 2009, and economic growth remains slow.
The financial markets also have not fully recovered. It is uncertain when these conditions will significantly
improve. Stagnant or declining economic conditions have adversely impacted the demand for our services in the
past and resulted in the delay, reduction or cancellation of certain projects and may continue to adversely affect
us in the future. Additionally, many of our customers finance their projects through the incurrence of debt or the
issuance of equity. The availability of credit remains constrained, and many of our customers’ equity values have
not fully recovered from the negative impact of the recession. A reduction in cash flow or the lack of availability
of debt or equity financing may continue to result in a reduction in our customers’ spending for our services and
may also impact the ability of our customers to pay amounts owed to us, which could have a material adverse
effect on our operations and our ability to grow at historical levels.
Regulatory and environmental requirements and economic conditions affecting any of the industries we
serve may lead to less demand for our services.
Because the vast majority of our revenue is derived from a few industries, regulatory and environmental
requirements or a downturn in economic conditions affecting any of those industries would adversely affect our
results of operations. Customers in the industries we serve face stringent regulatory and environmental
requirements and permitting processes as they implement plans for their projects, resulting in delays, reductions
and cancellations of some of their projects. Additionally, unfavorable economic conditions in any industry we
serve could result in the delay, reduction or cancellation of projects by our customers as well as cause our
customers to outsource less work. These regulatory and economic factors have resulted in decreased demand for
our services in the past, and they may continue to do so in the future, potentially impacting our operations and
our ability to grow at historical levels. A number of other factors, including financing conditions and potential
bankruptcies in the industries we serve or a prolonged economic downturn or recession, could adversely affect
our customers and their ability or willingness to fund capital expenditures in the future or pay for past services.
Consolidation, competition, capital constraints or negative economic conditions in the electric power, natural gas,
oil and telecommunications industries may also result in reduced spending by, or the loss of, one or more of our
customers.
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Project performance issues, including those caused by third parties, or certain contractual obligations may
result in additional costs to us, reductions or delays in revenues or the payment of liquidated damages.
Many projects involve challenging engineering, procurement and construction phases that may occur over
extended time periods, sometimes over several years. We may encounter difficulties as a result of delays in
designs, engineering information or materials provided by the customer or a third party, delays or difficulties in
equipment and material delivery, schedule changes, delays from our customer’s failure to timely obtain permits
or rights-of-way or meet other regulatory requirements, weather-related delays and other factors, some of which
are beyond our control, that impact our ability to complete the project in accordance with the original delivery
schedule. In addition, we occasionally contract with third-party subcontractors to assist us with the completion of
contracts. Any delay or failure by suppliers or by subcontractors in the completion of their portion of the project
may result in delays in the overall progress of the project or may cause us to incur additional costs, or both. We
also may encounter project delays due to local opposition, which may include injunctive actions as well as public
protests, to the siting of electric power, natural gas or oil transmission lines, solar or wind projects, or other
facilities. Delays and additional costs may be substantial and, in some cases, we may be required to compensate
the customer for such delays. We may not be able to recover all of such costs. In certain circumstances, we
guarantee project completion by a scheduled acceptance date or achievement of certain acceptance and
performance testing levels. Failure to meet any of our schedules or performance requirements could also result in
additional costs or penalties, including liquidated damages, and such amounts could exceed expected project
profit. In extreme cases, the above-mentioned factors could cause project cancellations, and we may not be able
to replace such projects with similar projects or at all. Such delays or cancellations may impact our reputation or
relationships with customers, adversely affecting our ability to secure new contracts.
Our customers may change or delay various elements of the project after its commencement or the project
schedule or the design, engineering information, equipment or materials that are to be provided by the customer
or other parties may be deficient or delivered later than required by the project schedule, resulting in additional
direct or indirect costs. Under these circumstances, we generally negotiate with the customer with respect to the
amount of additional time required and the compensation to be paid to us. We are subject to the risk that we may
be unable to obtain, through negotiation, arbitration, litigation or otherwise, adequate amounts to compensate us
for the additional work or expenses incurred by us due to customer-requested change orders or failure by the
customer to timely deliver items, such as engineering drawings or materials, required to be provided by the
customer. Litigation or arbitration of claims for compensation may be lengthy and costly, and it is often difficult
to predict when and for how much the claims will be resolved. A failure to obtain adequate compensation for
these matters could require us to record a reduction to amounts of revenue and gross profit recognized in prior
periods under the percentage-of-completion accounting method. Any such adjustments could be substantial. We
may also be required to invest significant working capital to fund cost overruns while the resolution of claims is
pending, which could adversely affect liquidity and financial results in any given period.
Our business is labor intensive, and we may be unable to attract and retain qualified employees.
Our ability to maintain our productivity and profitability will be limited by our ability to employ, train and
retain skilled personnel necessary to meet our requirements. We cannot be certain that we will be able to
maintain an adequate skilled labor force necessary to operate efficiently and to support our growth strategy. For
instance, we may experience shortages of qualified journeyman linemen, who are integral to the provision of
transmission and distribution services under our Electric Power Infrastructure Services segment. In addition, in
our Natural Gas and Pipeline Infrastructure Services segment, there is limited availability of experienced
supervisors and foremen that can oversee large transmission pipeline projects. A shortage in the supply of these
skilled personnel creates competitive hiring markets and may result in increased labor expenses. Labor shortages
or increased labor costs could impair our ability to maintain our business or grow our revenues or profitability.
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Our use of fixed price contracts could adversely affect our business and results of operations.
We currently generate a portion of our revenues under fixed price contracts. We also expect to generate a
greater portion of our revenues under this type of contract in the future as larger projects, such as electric power
and pipeline transmission build-outs and utility-scale solar facilities, become a more significant aspect of our
business. We must estimate the costs of completing a particular project to bid for fixed price contracts. The actual
cost of labor and materials, however, may vary from the costs we originally estimated, and we may bear the risk
of certain unforeseen circumstances not included in our cost estimates for which we cannot obtain adequate
compensation. These variations, along with other risks inherent in performing fixed price contracts, may cause
actual revenue and gross profits for a project to differ from those we originally estimated and could result in
reduced profitability or losses on projects. Depending upon the size of a particular project, variations from the
estimated contract costs could have a significant impact on our operating results for any fiscal period.
Our use of percentage-of-completion accounting could result in a reduction or elimination of previously
reported profits.
As discussed in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of
Operations — Critical Accounting Policies” and in the notes to our consolidated financial statements included in
Item 8. “Financial Statements and Supplementary Data”, a significant portion of our revenues are recognized
using the percentage-of-completion method of accounting, utilizing the cost-to-cost method. This method is used
because management considers expended costs to be the best available measure of progress on these contracts.
This accounting method is generally accepted for fixed price contracts. The percentage-of-completion accounting
practice we use results in our recognizing contract revenues and earnings ratably over the contract term in
proportion to our incurrence of contract costs. The earnings or losses recognized on individual contracts are
based on estimates of contract revenues, costs and profitability. Contract losses are recognized in full when
determined to be probable and reasonably estimable, and contract profit estimates are adjusted based on ongoing
reviews of contract profitability. Further, a substantial portion of our contracts contain various cost and
performance incentives. Penalties are recorded when known or finalized, which generally occurs during the latter
stages of the contract. In addition, we record cost recovery claims when we believe recovery is probable and the
amounts can be reasonably estimated. Actual collection of claims could differ from estimated amounts and could
result in a reduction or elimination of previously recognized earnings. In certain circumstances, it is possible that
such adjustments could be significant.
Our operating results can be negatively affected by weather conditions.
We perform substantially all of our services in the outdoors. As a result, adverse weather conditions, such as
rainfall or snow, may affect our productivity in performing our services or may temporarily prevent us from
performing services. The effect of weather delays on projects that are under fixed price arrangements may be
greater if we are unable to adjust the project schedule for such delays. A reduction in our productivity in any
given period or our inability to meet guaranteed schedules may adversely affect the profitability of our projects,
and as a result, our results of operations.
We may be unsuccessful at generating internal growth.
Our ability to generate internal growth will be affected by, among other factors, our ability to:
• expand the range of services we offer to customers to address their evolving network needs;
• attract new customers;
• increase the number of projects performed for existing customers;
• hire and retain qualified employees;
• expand geographically, including internationally; and
• address the challenges presented by stringent regulatory, environmental and permitting requirements
and difficult economic or market conditions that may affect us or our customers.
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In addition, our customers may cancel, delay or reduce the number or size of projects available to us for a
variety of reasons, including capital constraints or inability to the meet regulatory requirements. Many of the
factors affecting our ability to generate internal growth may be beyond our control, and we cannot be certain that
our strategies for achieving internal growth will be successful.
Our business is highly competitive.
The specialty contracting business is served by numerous small, owner-operated private companies, some
public companies and several large regional companies. In addition, relatively few barriers prevent entry into
some areas of our business. As a result, any organization that has adequate financial resources and access to
technical expertise may become one of our competitors. Competition in the industry depends on a number of
factors, including price. For example, we are currently experiencing the impacts of competitive pricing in certain
of the markets we serve, such as the electric power market with respect to smaller scale transmission projects and
distribution services. Certain of our competitors may have lower overhead cost structures and, therefore, may be
able to provide their services at lower rates than we are able to provide. In addition, some of our competitors
have significant resources, including financial, technical and marketing resources. We cannot be certain that our
competitors do not have or will not develop the expertise, experience and resources to provide services that are
superior in both price and quality to our services. Similarly, we cannot be certain that we will be able to maintain
or enhance our competitive position within the specialty contracting business or maintain our customer base at
current levels. We also face competition from the in-house service organizations of our existing or prospective
customers. Electric power, natural gas, oil and telecommunications service providers usually employ personnel
who perform some of the same types of services we do, and we cannot be certain that our existing or prospective
customers will continue to outsource services in the future.
Legislative actions and initiatives relating to renewable energy, telecommunications and electric power may
fail to result in increased demand for our services.
Demand for our services may not result from renewable energy initiatives. While many states currently have
mandates in place that require specified percentages of power to be generated from renewable sources, states
could reduce those mandates or make them optional, which could reduce, delay or eliminate renewable energy
development in the affected states. Additionally, renewable energy is generally more expensive to produce and
may require additional power generation sources as backup. The locations of renewable energy projects are often
remote and are not viable unless new or expanded transmission infrastructure to transport the power to demand
centers is economically feasible. Furthermore, funding for renewable energy initiatives may not be available,
which has been further constrained as a result of tight credit markets. These factors have resulted in fewer
renewable energy projects than anticipated and a delay in the construction of these projects and the related
infrastructure, which has adversely affected the demand for our services. These factors could continue to result in
delays or reductions in projects, which could further negatively impact our business.
The ARRA provides for various stimulus programs, such as grants, loan guarantees and tax incentives,
relating to renewable energy, energy efficiency and electric power and telecommunications infrastructure. Some
of these programs have expired, which may affect the economic feasibility of future projects. Additionally, while
a significant amount of stimulus funds have been awarded, we cannot predict the timing and scope of any
investments to be made under stimulus funding or whether stimulus funding will result in increased demand for
our services. Investments for renewable energy, electric power infrastructure and telecommunications fiber
deployment under ARRA programs may not occur, may be less than anticipated or may be delayed, any of which
would negatively impact demand for our services.
Other current and potential legislative or regulatory initiatives may not result in increased demand for our
services. Examples include legislation or regulations to require utilities to meet reliability standards, to ease
siting and right-of-way issues for the construction of transmission lines, and to encourage installation of new
electric power transmission and renewable energy generation facilities. It is not certain whether existing
legislation will create sufficient incentives for new projects, when or if proposed legislative initiatives will be
enacted or whether any potentially beneficial provisions will be included in the final legislation.
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There are also a number of legislative and regulatory proposals to address greenhouse gas emissions, which
are in various phases of discussion or implementation. The outcome of federal and state actions to address global
climate change could negatively affect the operations of our customers through costs of compliance or restraints
on projects, which could reduce their demand for our services.
We are self-insured against certain potential liabilities.
Although we maintain insurance policies with respect to employer’s liability, general liability, auto and
workers’ compensation claims, those policies are subject to deductibles ranging from $1.0 million to $5.0 million
per occurrence depending on the insurance policy. We are primarily self-insured for all claims that do not exceed
the amount of the applicable deductible. We also have employee health care benefit plans for most employees not
subject to collective bargaining agreements, of which the primary plan is subject to a deductible of $350,000 per
claimant per year. Our insurance policies include various coverage requirements, including the requirement to
give appropriate notice. If we fail to comply with these requirements, our coverage could be denied.
Losses under all of these insurance programs are accrued based upon our estimates of the ultimate liability
for claims reported and an estimate of claims incurred but not reported, with assistance from third-party
actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the
severity of an injury, the extent of damage, the determination of our liability in proportion to other parties and the
number of incidents not reported. The accruals are based upon known facts and historical trends, and
management believes such accruals are adequate. If we were to experience insurance claims or costs significantly
above our estimates, our results of operations could be materially and adversely affected in a given period.
During the ordinary course of our business, we may become subject to lawsuits or indemnity claims, which
could materially and adversely affect our business and results of operations.
We have in the past been, and may in the future be, named as a defendant in lawsuits, claims and other legal
proceedings during the ordinary course of our business. These actions may seek, among other things,
compensation for alleged personal injury, workers’ compensation, employment discrimination, breach of
contract, property damage, environmental liabilities, punitive damages, and civil penalties or other losses or
injunctive or declaratory relief. In addition, we generally indemnify our customers for claims related to the
services we provide and actions we take under our contracts with them, and, in some instances, we may be
allocated risk through our contract terms for actions by our customers or other third parties. Because our services
in certain instances may be integral to the operation and performance of our customers’ infrastructure, we have
been and may become subject to lawsuits or claims for any failure of the systems that we work on, even if our
services are not the cause of such failures, and we could be subject to civil and criminal liabilities to the extent
that our services contributed to any property damage, personal injury or system failure. Insurance coverage may
not be available or may be insufficient for these lawsuits, claims or legal proceedings. The outcome of any of
these lawsuits, claims or legal proceedings could result in significant costs and diversion of management’s
attention to the business. Payments of significant amounts, even if reserved, could adversely affect our
reputation, liquidity and results of operations. For details on our existing litigation and claims, refer to Note 14 of
the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data.”
Unavailability or cancellation of third party insurance coverage would increase our overall risk exposure as
well as disrupt our operations.
We maintain insurance coverage from third party insurers as part of our overall risk management strategy
and because some of our contracts require us to maintain specific insurance coverage limits. There can be no
assurance that any of our existing insurance coverage will be renewed upon the expiration of the coverage period
or that future coverage will be affordable at the required limits. In addition, our third party insurers could fail,
suddenly cancel our coverage or otherwise be unable to provide us with adequate insurance coverage. If any of
these events occur, our overall risk exposure would increase and our operations could be disrupted. For example,
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we have significant operations in California, which has an environment conducive to wildfires. Should our
insurer determine to exclude coverage for wildfires in the future, we could be exposed to significant liabilities
and potentially a disruption of our California operations. If our risk exposure increases as a result of adverse
changes in our insurance coverage, we could be subject to increased claims and liabilities that could negatively
affect our results of operations and financial condition.
Many of our contracts may be canceled on short notice or may not be renewed upon completion or
expiration, and we may be unsuccessful in replacing our contracts in such events, which may adversely
affect our results of operations and financial condition.
We could experience a decrease in our revenue, net income and liquidity if any of the following occur:
• our customers cancel a significant number of contracts or contracts having significant value;
• we fail to renew a significant number of our existing contracts;
• we complete a significant number of non-recurring projects and cannot replace them with similar
projects; or
• we fail to reduce operating and overhead expenses consistent with any decrease in our revenue.
Many of our customers may cancel our contracts on short notice, typically 30 to 90 days, even if we are not
in default under the contract. Certain of our customers assign work to us on a project-by-project basis under
master service agreements. Under these agreements, our customers often have no obligation to assign a specific
amount of work to us. Our operations could decline significantly if the anticipated volume of work is not
assigned to us, which will be more likely if customer spending continues to decrease, for example, due to the
slow recovery of the economy and the financial markets. Many of our contracts, including our master service
agreements, are opened to public bid at the expiration of their terms. There can be no assurance that we will be
the successful bidder on our existing contracts that come up for re-bid.
The nature of our business exposes us to warranty claims, which may reduce our profitability.
Under our contracts with our customers, we typically provide a warranty for the services we provide,
guaranteeing the work performed against defects in workmanship and material. The majority of our contracts
have a warranty period of 12 months. As much of the work we perform is inspected by our customers for any
defects in construction prior to acceptance of the project, the warranty claims that we have historically received
have been minimal. Additionally, materials used in construction are often provided by the customer or are
warranted against defects from the supplier. However, certain projects, such as utility-scale solar facilities, may
have longer warranty periods and include facility performance warranties that may be broader than the warranties
we generally provide. In these circumstances, if warranty claims occurred, it could require us to re-perform the
services or to repair or replace the warranted item, at a cost to us, and could also result in other damages if we are
not able to adequately satisfy our warranty obligations. In addition, we may be required under contractual
arrangements with our customers to warrant any defects or failures in materials we provide that we purchase
from third parties. While we generally require the materials suppliers to provide us warranties that are consistent
with those we provide to the customers, if any of these suppliers default on their warranty obligations to us, we
may incur costs to repair or replace the defective materials for which we are not reimbursed. Costs incurred as a
result of warranty claims could adversely affect our operating results and financial condition.
The loss of one or a few customers could have an adverse effect on us.
A few clients have in the past and may in the future account for a significant portion of our revenue in any
one year or over a period of several consecutive years. Although we have long-standing relationships with many
of our significant clients, our clients may unilaterally reduce or discontinue their contracts with us at any time.
Our loss of business from a significant client could have a material adverse effect on our business, financial
condition and results of operations.
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Our profitability and financial condition may be adversely affected by risks associated with the natural gas
and oil industry, such as price fluctuations and supply and demand for natural gas.
Certain of our services, in particular those under our Natural Gas and Pipeline Infrastructure Services
segment, are exposed to risks associated with the natural gas and oil industry. These risks, which are not subject
to our control, include the volatility of natural gas and oil prices, the lack of demand for power generation from
natural gas and a slowdown in the discovery or development of natural gas and/or oil reserves. Specifically,
lower natural gas and oil prices generally result in decreased spending by our customers in our Natural Gas and
Pipeline Infrastructure Services segment. While higher natural gas and oil prices generally result in increased
infrastructure spending by these customers, sustained high energy prices could be an impediment to economic
growth and could result in reduced infrastructure spending by such customers. Additionally, higher prices will
likely reduce demand for power generation from natural gas, which could result in decreased demand for the
expansion of North America’s natural gas pipeline infrastructure, and consequently result in less capital spending
by these customers and less demand for our services.
Further, if the discovery or development of natural gas and/or oil reserves slowed or stopped, customers
would likely reduce capital spending on transmission pipelines, gas gathering and compressor systems and other
related infrastructure, resulting in less demand for our services. If the profitability of our business under the
Natural Gas and Pipeline Infrastructure Services segment were to decline, our overall profitability, results of
operations and cash flows could also be adversely affected.
Backlog may not be realized or may not result in profits.
Backlog is difficult to determine with certainty. Customers often have no obligation under our contracts to
assign or release work to us, and many contracts may be terminated on short notice. Reductions in backlog due to
cancellation of one or more contracts or projects by a customer or for other reasons could significantly reduce the
revenue and profit we actually receive from contracts included in backlog. In the event of a project cancellation,
we may be reimbursed for certain costs but would not have a contractual right to the total revenues reflected in
our backlog. The backlog we obtain in connection with any companies we acquire may not be as large as we
believed or may not result in the revenue or profits we expected. In addition, projects that are delayed may
remain in backlog for extended periods of time. All of these uncertainties are heightened as a result of negative
economic conditions and their impact on our customers’ spending, as well as the effects of regulatory
requirements and weather conditions. Consequently, we cannot assure that our estimates of backlog are accurate
or that we will be able to realize our estimated backlog.
Our financial results are based upon estimates and assumptions that may differ from actual results.
In preparing our consolidated financial statements in conformity with accounting principles generally
accepted in the United States, several estimates and assumptions are used by management in determining the
reported amounts of assets and liabilities, revenues and expenses recognized during the periods presented and
disclosures of contingent assets and liabilities known to exist as of the date of the financial statements. These
estimates and assumptions must be made because certain information that is used in the preparation of our
financial statements is dependent on future events, cannot be calculated with a high degree of precision from data
available or is not capable of being readily calculated based on generally accepted methodologies. In some cases,
these estimates are particularly difficult to determine and we must exercise significant judgment. Estimates are
primarily used in our assessment of the allowance for doubtful accounts, valuation of inventory, useful lives of
assets, fair value assumptions in analyzing goodwill, other intangibles and long-lived asset impairments, equity
investments, loan receivables, purchase price allocations, liabilities for self-insured and other claims, multiemployer
pension plan withdrawal liabilities, revenue recognition for construction contracts and fiber optic
licensing, share-based compensation, operating results of reportable segments, provision (benefit) for income
taxes and the calculation of uncertain tax positions. Actual results for all estimates could differ materially from
the estimates and assumptions that we use, which could have a material adverse effect on our financial condition,
results of operations and cash flows.
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Our inability to successfully execute our acquisition strategy may have an adverse impact on our growth
strategy.
Our business strategy includes expanding our presence in the industries we serve through strategic
acquisitions of companies that complement or enhance our business. The number of acquisition targets that meet
our criteria may be limited, and we may also face competition for acquisition opportunities. Some of our
competitors may offer more favorable terms than us or have greater financial resources than we do. This
competition may further limit our acquisition opportunities and our ability to grow through acquisitions or could
raise the prices of acquisitions and make them less accretive or possibly not accretive to us. Acquisitions that we
may pursue may also involve significant cash expenditures, the incurrence or assumption of debt or burdensome
regulatory requirements. Any acquisition may ultimately have a negative impact on our business, financial
condition, results of operations and cash flows. Any of these factors could inhibit our ability to consummate
future acquisitions, which could negatively affect our growth strategies.
We may be unsuccessful at integrating businesses that either we have acquired or that we may acquire in
the future, which may reduce the anticipated benefit from acquired businesses.
As a part of our business strategy, we have acquired, and may seek to acquire in the future, companies that
complement or enhance our business. The success of this strategy will depend on our ability to realize the
anticipated benefits from the acquired businesses, such as the expansion of our existing operations, elimination of
redundant costs and capitalizing on cross-selling opportunities. To realize these benefits, however, we must
successfully integrate the operations of the acquired businesses with our existing operations. We cannot be sure
that we will be able to successfully integrate acquired companies with our existing operations without substantial
costs, delays, disruptions or other operational or financial problems. Additionally, if we do not implement proper
overall business controls, our decentralized operating strategy could result in inconsistent operating and financial
practices at the companies we acquire. Issues related to the integration process may result in adverse impact to
our revenues, earnings and cash flows. Integrating our acquired companies involves a number of special risks
that could have a negative impact on our business, financial condition and results of operations, including:
• failure of acquired companies to achieve the results we expect;
• diversion of our management’s attention from operational and other matters;
• difficulties integrating the operations and personnel of acquired companies;
• inability to retain key personnel of acquired companies;
• risks associated with unanticipated events or liabilities;
• loss of business due to customer overlap or change from local or private ownership;
• risks arising from the prior operations of acquired companies, such as performance, operational, safety
or workforce issues, or customer dissatisfaction; and
• potential disruptions of our business.
Our results of operations could be adversely affected as a result of impairments of goodwill, other intangible
assets or our investments.
When we acquire a business, we record an asset called “goodwill” equal to the excess amount we pay for
the business, including liabilities assumed, over the fair value of the tangible and intangible assets of the business
we acquire. Goodwill and other intangible assets that have indefinite useful lives cannot be amortized, but instead
must be tested at least annually for impairment, while intangible assets that have finite useful lives are amortized
over their useful lives. The accounting literature provides specific guidance for testing goodwill and other
non-amortized intangible assets for impairment. Refer to Item 7. “Management’s Discussion and Analysis of
Financial Condition and Results of Operations — Critical Accounting Polices” for a detailed discussion.
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Management is required to make certain estimates and assumptions when allocating goodwill to reporting units
and determining the fair value of a reporting unit’s net assets and liabilities, including, among other things, an
assessment of market conditions, projected cash flows, investment rates, cost of capital and growth rates, which
could significantly impact the reported value of goodwill and other intangible assets. Fair value is determined
using a combination of the discounted cash flow, market multiple and market capitalization valuation
approaches. Absent any impairment indicators, we perform our impairment tests annually during the fourth
quarter. If there is a decrease in market capitalization below book value in the future, this may be considered an
impairment indicator.
In addition, we enter into various types of investment arrangements in the normal course of business, each
having unique terms and conditions. These investments may include equity interests we hold in business entities,
including general or limited partnerships, contractual joint ventures or other forms of equity participation. These
investments may also include our participation in different finance structures such as the extension of loans to
project specific entities, the acquisition of convertible notes issued by project specific entities or other strategic
financing arrangements. Our equity method investments are carried at original cost and are included in other
assets, net in our consolidated balance sheet and are adjusted for our proportionate share of the investees’
income, losses and distributions. Equity investments are reviewed for impairment by assessing whether any
decline in the fair value of the investment below the carrying value is other than temporary. In making this
determination, factors such as the ability to recover the carrying amount of the investment and the inability of the
investee to sustain future earnings capacity are evaluated in determining whether an impairment should be
recognized.
Any future impairments, including impairments of goodwill or intangible assets recorded in connection with
acquisitions or impairments of any investments, would negatively impact our results of operations for the period
in which the impairment is recognized.
Our profitability and financial operations may be negatively affected by changes in, or interpretations of,
existing state or federal telecommunications regulations or new regulations that could adversely affect our
Fiber Optic Licensing segment.
Many of our Fiber Optic Licensing segment customers benefit from the Universal Service “E-rate” program,
which was established by Congress in the 1996 Telecommunications Act and is administered by the Universal
Service Administrative Company (USAC) under the oversight of the Federal Communications Commission
(FCC). Under the E-rate program, schools, libraries and certain healthcare facilities may receive subsidies for
certain approved telecommunications services, internet access and internal connections. From time to time, bills
have been introduced in Congress that would eliminate or curtail the E-rate program. Passage of such actions by
the FCC or USAC to further limit E-rate subsidies could decrease the demand by certain customers for the
services offered by our Fiber Optic Licensing segment.
The telecommunications services we provide through our Fiber Optic Licensing segment are subject to
regulation by the FCC, to the extent that they are interstate telecommunications services, and by state regulatory
agencies, when wholly within a particular state. To remain eligible to provide services under the E-rate program,
we must maintain telecommunications authorizations in every state where we operate, and we must obtain such
authorizations in any new state where we plan to operate. Changes in federal or state regulations could reduce the
profitability of our Fiber Optic Licensing segment, and delays in obtaining new authorizations could inhibit our
ability to grow our Fiber Optic Licensing segment in new geographic areas. We could be subject to fines if the
FCC or a state regulatory agency were to determine that any of our activities or positions are not in compliance
with certain regulations. If the profitability of our Fiber Optic Licensing segment were to decline, or if the
business of this segment were to become subject to fines, our overall results of operations and cash flows could
also be adversely affected.
22

The business of our Fiber Optic Licensing segment is capital intensive and requires substantial investments,
and returns on investments may be less than expected for various reasons.
The business of our Fiber Optic Licensing segment requires substantial amounts of capital investment to
build out new fiber networks. In 2012, our proposed capital expenditures for our fiber optic licensing business are
approximately $40 million to $50 million, $14.1 million of which is related to committed licensing arrangements
as of December 31, 2011. Although we generally do not commit capital to new networks until we have a
committed license arrangement in place with at least one customer, we may not be able to recoup our initial
investment in the network if that customer defaults on its commitment. Even if the customer does not default or
we add additional customers to the network, we still may not realize a return on the capital investment for an
extended period of time. Furthermore, the amount of capital that we invest in our fiber optic network may exceed
planned expenditures as a result of various factors, including difficulty in obtaining permits or rights of way or
unexpected increases in costs due to labor, materials or project productivity, which would result in a decrease in
the returns on our capital investments if licensing fees for the network were committed and could not be
renegotiated. New or developing technologies or significant competition in any of our markets could also
negatively impact the business of our Fiber Optic Licensing segment. If any of the above events occur, it could
adversely affect our results of operations or result in an impairment of our fiber optic network.
We extend credit to customers for purchases of our services and may enter into longer-term deferred
payment arrangements or provide other financing or investment arrangements with certain of our
customers, which subjects us to potential credit or investment risk that could, if realized, adversely affect
our results of operations or financial condition.
We grant credit, generally without collateral, to our customers, which include electric power utilities, natural
gas and oil companies, telecommunications service providers, governmental entities, general contractors, and
builders, owners and managers of renewable energy facilities and commercial and industrial properties located
primarily in the United States and Canada. We may also agree to allow our customers to defer payment on
projects until certain milestones have been met or until the projects are substantially completed, and customers
typically withhold some portion of amounts due to us as retainage. In addition, we may provide other forms of
financing to our customers or make investments in our customers’ projects, typically in situations where we also
provide services in connection with the projects. Our payment arrangements with our customers subject us to
potential credit risk related to changes in business and economic factors affecting our customers, including
material changes in our customers’ revenues or cash flows. These changes may also reduce the value of any
financing or equity investment arrangements we have with our customers. Many of our customers have been
negatively impacted by the recent economic downturn, and some may experience financial difficulties (including
bankruptcies) that could impact our ability to collect amounts owed to us or impair the value of our investments
in them. If we are unable to collect amounts owed to us, our cash flows would be reduced and we could
experience losses if the uncollectible amounts exceeded current allowances. We would also recognize losses with
respect to any investments that are impaired as a result of our customers’ financial difficulties. Losses
experienced could materially and adversely affect our financial condition and results of operation. The risks of
collectability and impairment losses may increase for projects where we provide services as well as make a
financing or equity investment.
The loss of key personnel could disrupt our business.
We depend on the continued efforts of our executive officers and on senior management of our operating
units, including the businesses we acquire. Although we have entered into employment agreements with terms of
one to three years with most of our executive officers and certain other key employees, we cannot be certain that
any individual will continue in such capacity for any particular period of time. The loss of key personnel, or the
inability to hire and retain qualified employees, could negatively impact our ability to manage our business. We
do not carry key-person life insurance on any of our employees.
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We may be required to contribute cash to meet our underfunded obligations in certain multi-employer
pension plans.
Our collective bargaining agreements generally require us to participate with other companies in multiemployer
pension plans. To the extent those plans are underfunded, the Employee Retirement Income Security
Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, may subject us to
substantial liabilities under those plans if we withdraw from them or they are terminated or experience a mass
withdrawal. For example, in the fourth quarter of 2011, we recognized a $32.6 million liability when certain of
our subsidiaries withdrew from an underfunded multi-employer pension plan. The amount of this liability is
estimated based on information received from the multi-employer plan in 2011 and the actual amount assessed
by the plan for the withdrawal, which we do not expect the plan to provide us before 2013, and the amount that
we ultimately pay for the withdrawal liability may be materially different than the amount currently recorded.
In addition, the Pension Protection Act of 2006 added special funding and operational rules generally
applicable to plan years beginning after 2007 for multi-employer plans that are classified as “endangered,”
“seriously endangered,” or “critical” status. Plans in these classifications must adopt measures to improve their
funded status through a funding improvement or rehabilitation plan, which may require additional contributions
from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree
benefits. A number of multi-employer plans to which we contribute or may contribute in the future are in
“endangered,” “seriously endangered” or “critical” status. The amount of additional funds we may be obligated
to contribute to these plans in the future cannot be estimated, as such amounts will likely be based on future work
that requires the specific use of union employees covered by these plans, and the amount of that future work and
the number of employees that may be affected cannot reasonably be estimated. Should we provide in the future a
significant amount of services in areas that require us to utilize unionized employees covered by these affected
plans, causing us to make substantial contributions, or should a determination be made that additional plans to
which any of our operating units contribute are in a classification that requires additional contributions, it could
detrimentally affect our results of operations, financial condition or cash flows if we are not able to adequately
mitigate these costs.
Our unionized workforce and related obligations could adversely affect our operations.
As of December 31, 2011, approximately 48% of our hourly employees were covered by collective
bargaining agreements. Although the majority of the collective bargaining agreements prohibit strikes and work
stoppages, certain of our unionized employees participated in a strike and work stoppage during January 2012,
and we cannot be certain that strikes or work stoppages will not occur in the future. Strikes or work stoppages
can adversely impact our relationships with our customers and could cause us to lose business and decrease our
revenue.
Our ability to complete future acquisitions could be adversely affected because of our union status for a
variety of reasons. For instance, our union agreements may be incompatible with the union agreements of a
business we want to acquire and some businesses may not want to become affiliated with a union-based
company. Additionally, we may increase our exposure to withdrawal liabilities for underfunded multi-employer
pension plans to which an acquired company contributes.
Approximately 52% of our hourly employees are not unionized. Under the current presidential
administration, certain administrative and regulatory actions have been taken and are being considered that could
create more flexibility and opportunity for labor unions to organize non-union workers and could result in a
greater percentage of our workforce being subject to collective bargaining agreements, heightening the risks
described above. In addition, certain of our customers require or prefer a non-union workforce, and they may
reduce the amount of work assigned to us if our non-union labor crews were to become unionized, which could
negatively affect our business and results of operations.
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We may incur liabilities or suffer negative financial or reputational impacts relating to occupational health
and safety matters.
Our operations are subject to extensive laws and regulations relating to the maintenance of safe conditions
in the workplace. While we have invested, and will continue to invest, substantial resources in our occupational
health and safety programs, our industry involves a high degree of operational risk and there can be no assurance
that we will avoid significant liability exposure. Although we have taken what we believe are appropriate
precautions, we have suffered fatalities in the past and may suffer additional fatalities in the future. Serious
accidents, including fatalities, may subject us to substantial penalties, civil litigation or criminal prosecution.
Claims for damages to persons, including claims for bodily injury or loss of life, could result in substantial costs
and liabilities, which could materially and adversely affect our financial condition, results of operations or cash
flows. In addition, if our safety record were to substantially deteriorate over time or we were to suffer substantial
penalties or criminal prosecution for violation of health and safety regulations, our customers could cancel our
contracts and not award us future business.
Risks associated with operating in international markets could restrict our ability to expand globally and
harm our business and prospects.
Our international operations are presently conducted primarily in Canada and Australia, but we have
performed work in various other foreign countries, and we expect that the number of countries in which we
operate could expand significantly over the next few years. Economic conditions, including those resulting from
wars, civil unrest, acts of terrorism and other conflicts or volatility in the global markets, may adversely affect
our customers, their demand for our services and their ability to pay for our services. In addition, there are
numerous risks inherent in conducting our business internationally, including, but not limited to, potential
instability in international markets, changes in regulatory requirements applicable to international operations,
currency fluctuations in foreign countries, political, economic and social conditions in foreign countries and
complex U.S. and foreign laws and treaties, including tax laws. These risks could restrict our ability to provide
services to international customers or to operate our international business profitably, and our overall business
and results of operations could be negatively impacted by our foreign activities.
We could be adversely affected by our failure to comply with the laws applicable to our foreign activities,
including the U.S. Foreign Corrupt Practices Act and other similar worldwide anti-bribery laws.
The U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-bribery laws in other jurisdictions prohibit
U.S.-based companies and their intermediaries from making improper payments to non-U.S. officials for the
purpose of obtaining or retaining business. We pursue opportunities in certain parts of the world that experience
government corruption, and in certain circumstances, compliance with anti-bribery laws may conflict with local
customs and practices. Our policies mandate compliance with all applicable anti-bribery laws. Further, we
require our partners, subcontractors, agents and others who work for us or on our behalf to comply with the
FCPA and other anti-bribery laws. Although we have policies and procedures designed to ensure that we, our
employees, our agents and others who work with us in foreign countries comply with the FCPA and other antibribery
laws, there is no assurance that such policies or procedures will protect us against liability under the
FCPA or other laws for actions taken by our agents, employees and intermediaries. If we are found to be liable
for FCPA violations (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others),
we could suffer from severe criminal or civil penalties or other sanctions, which could have a material adverse
effect on our reputation, business, results of operations or cash flows. In addition, detecting, investigating and
resolving actual or alleged FCPA violations is expensive and could consume significant time and attention of our
senior management.
We may not have access in the future to sufficient funding to finance desired growth and operations.
If we cannot secure funds in the future, including financing on acceptable terms, we may be unable to
support our growth strategy or future operations. We cannot readily predict the ability of certain customers to pay
for past services, and unfavorable economic conditions, such as those experienced over recent years, may
25

negatively impact the ability of our customers to pay amounts owed to us. We may also use cash for acquisitions,
as well as for investments, both of which are elements of our growth strategy, but we cannot readily predict the
timing, size and success of our acquisition or investment efforts. Using cash for acquisitions and investments
limits our financial flexibility and makes us more likely to seek additional capital through future debt or equity
financings. Our existing credit facility contains significant restrictions on our operational and financial flexibility,
including our ability to incur additional debt or conduct certain types of preferred equity financings, and if we
seek more debt, we may have to agree to additional covenants that limit our operational and financial flexibility.
If we seek additional debt or equity financings, we cannot be certain that additional debt or equity will be
available to us on terms acceptable to us or at all. Furthermore, our credit facility is based upon existing
commitments from several banks. Banks have become more restrictive in their lending practices following the
difficulties in the credit markets, and some may be unable or unwilling to fund their commitments, which may
limit our access to the capital needed to fund our growth and operations. In addition, we rely on financing
companies to fund the leasing of certain of our trucks and trailers, support vehicles and specialty construction
equipment. Credit market conditions may cause certain of these financing companies to restrict or withhold
access to capital to fund the leasing of additional equipment. Although we are not dependent on any single
equipment lessor, a widespread lack of available capital to fund the leasing of equipment could negatively impact
our future operations. Additionally, the market price of our common stock may change significantly in response
to various factors and events beyond our control, which will impact our ability to use equity to obtain funds. A
variety of events may cause the market price of our common stock to fluctuate significantly, including overall
market conditions or volatility, a shortfall in our operating results from those anticipated, negative results or
other unfavorable information relating to our market peers or the other risks described in this Annual Report on
Form 10-K.
Our participation in joint ventures exposes us to liability and/or harm to our reputation for failures of our
partners.
As part of our business, we have entered into joint venture arrangements and may enter into additional joint
venture arrangements in the future. The purpose of these joint ventures is typically to combine skills and
resources to allow for the performance of particular projects. Success on these jointly performed projects depends
in large part on whether our joint venture partners satisfy their contractual obligations. We and our joint venture
partners are generally jointly and severally liable for all liabilities and obligations of our joint ventures. If a joint
venture partner fails to perform or is financially unable to bear its portion of required capital contributions or
other obligations, including liabilities stemming from claims or lawsuits, we could be required to make additional
investments, provide additional services or pay more than our proportionate share of a liability to make up for
our partner’s shortfall. Further, if we are unable to adequately address our partner’s performance issues, the
customer may terminate the project, which could result in legal liability to us, harm our reputation and reduce our
profit on a project.
We are in the process of implementing an information technology (IT) solution, which could temporarily
disrupt day-to-day operations at certain operating units.
We continue to implement a comprehensive IT solution that we believe will allow for the interface between
functions such as accounting and finance, human resources, operations, and fleet management. Continued
development and implementation of the IT solution will require substantial financial and personnel resources.
While the IT solution is intended to improve and enhance our information systems, implementation of new
information systems at each operating unit exposes us to the risks of start-up of the new system and integration of
that system with our existing systems and processes, including possible disruption of our financial reporting.
There is no guarantee that we will realize economic or other intended benefits from continued development and
implementation of the IT solution. Additionally, the IT solution may not be developed or implemented as timely
or as accurately as planned. Failure to properly implement the IT solution could result in substantial disruptions
to our business, including coordinating and processing our normal business activities, testing and recording of
certain data necessary to provide oversight over our disclosure controls and procedures and effective internal
controls over our financial reporting, and other unforeseen problems.
26

Failure to adequately protect critical data and technology systems could materially affect our operations.
IT solution failures, network disruptions and breaches of data security could disrupt our operations by
causing delays or cancellation of customer orders, impeding processing of transactions and reporting financial
results, resulting in the unintentional disclosure of customer or our information, or damage to our reputation.
While management has taken steps to address these concerns by implementing network security and internal
control measures, there can be no assurance that a system failure or data security breach (particularly in light of
our ongoing implementation of the IT solution) will not have a material adverse effect on our financial condition
and operating results.
Our dependence on suppliers, subcontractors and equipment manufacturers could expose us to the risk of
loss in our operations.
On certain projects, we rely on suppliers to obtain the necessary materials and subcontractors to perform
portions of our services. We also rely on equipment manufacturers to provide us with the equipment required to
conduct our operations. Although we are not dependent on any single supplier, subcontractor or equipment
manufacturer, any substantial limitation on the availability of required suppliers, subcontractors or equipment
manufacturers could negatively impact our operations. The risk of a lack of available suppliers, subcontractors or
equipment manufacturers may be heightened as a result of recent market and economic conditions. To the extent
we cannot engage subcontractors or acquire equipment or materials, we could experience losses in the
performance of our operations.
Fluctuating foreign currency exchange rates may have a greater impact on our financial results as we
expand into international markets.
For the year ended December 31, 2011, we derived $535.0 million, or 12%, of our consolidated revenues
from foreign operations, the substantial majority of which was earned in Canada. We intend to expand the
volume of services that we provide internationally. As a result, our reported financial condition and results of
operations may be more significantly exposed to the effects (both positive and negative) that fluctuating
exchange rates have on the process of translating the financial statements of our international operations, which
are denominated in local currencies, into the U.S. dollar.
Our business growth could outpace the capability of our decentralized management infrastructure.
We cannot be certain that our management infrastructure will be adequate to support our operations as they
expand. For example, the ability to internally communicate, coordinate and execute business strategies, plans and
tactics may be negatively impacted by our increasing size and complexity. A decentralized structure places
significant control and decision-making powers in the hands of local management. This contributes to the risk
that we may be slower or less able to identify or react to problems affecting key business matters than we would
in a more centralized environment. The lack of timely access to information may impact the quality of decision
making by management. Our decentralized organization creates the possibility that our operating subsidiaries
assume excessive risk without appropriate guidance from our centralized legal, accounting, tax, and treasury
functions as to the potential overall impact. Future growth also could impose significant additional
responsibilities on members of our senior management, including the need to recruit and integrate new senior
level managers and executives. We cannot be certain that we will be able to recruit and retain such additional
managers and executives. To the extent that we are unable to manage our growth effectively, or are unable to
attract and retain additional qualified management, we may not be able to expand our operations or execute our
business plan.
We may be unable to compete for or work on certain projects if we are not able to obtain surety bonds.
A portion of our business depends on our ability to provide surety bonds or other financial assurances.
Current or future market conditions, including losses incurred in the construction industry or as a result of large
corporate bankruptcies, as well as changes in our sureties’ assessment of our operating and financial risk, could
27

cause our surety providers to decline to issue or renew, or substantially reduce the amount of, bid and/or
performance bonds for our work and could increase our bonding costs. These actions could be taken on short
notice. If our surety providers were to limit or eliminate our access to bonding, our alternatives would include
seeking bonding capacity from other sureties, finding more business that does not require bonds or posting other
forms of collateral for project performance, such as letters of credit or cash. We may be unable to secure these
alternatives in a timely manner, on acceptable terms, or at all, which could affect our ability to bid for or work on
future projects requiring financial assurances.
We have also granted security interests in various of our assets to collateralize our obligations to our
sureties. Furthermore, under standard terms in the surety market, sureties issue or continue bonds on a
project-by-project basis and can decline to issue bonds at any time or require the posting of additional collateral
as a condition to issuing or renewing any bonds. If we were to experience an interruption or reduction in the
availability of bonding capacity as a result of these or any other reasons, we may be unable to compete for or
work on certain projects that would require bonding.
Our failure to comply with environmental laws could result in significant liabilities.
Our operations are subject to various environmental laws and regulations, including those dealing with the
handling and disposal of waste products, PCBs, fuel storage and air quality. We perform work in many different
types of underground environments. If the field location maps supplied to us are not accurate, or if objects are
present in the soil that are not indicated on the field location maps, our underground work could strike objects in
the soil, some of which may contain pollutants. These objects may also rupture, resulting in the discharge of
pollutants. In such circumstances, we may be liable for fines and damages, and we may be unable to obtain
reimbursement from the parties providing the incorrect information. We perform work in and around
environmentally sensitive areas such as rivers, lakes and wetlands. In addition, we perform directional drilling
operations below certain environmentally sensitive terrains and water bodies. Due to the inconsistent nature of
the terrain and water bodies, it is possible that such directional drilling may cause a surface fracture, resulting in
the release of subsurface materials. These subsurface materials may contain contaminants in excess of amounts
permitted by law, potentially exposing us to remediation costs and fines. We also own and lease several facilities
at which we store our equipment. Some of these facilities contain fuel storage tanks that are above or below
ground. If these tanks were to leak, we could be responsible for the cost of remediation as well as potential fines.
In addition, new laws and regulations, stricter enforcement of existing laws and regulations, the discovery of
previously unknown contamination or leaks, or the imposition of new clean-up requirements could require us to
incur significant costs or become the basis for new or increased liabilities that could negatively impact our
financial condition and results of operations. In certain instances, we have obtained indemnification or covenants
from third parties (including predecessors or lessors) for such clean-up and other obligations and liabilities that
we believe are adequate to cover such obligations and liabilities. However, such third-party indemnities or
covenants may not cover all of our costs and the indemnitors may not pay amounts owed to us, and such
unanticipated obligations or liabilities, or future obligations and liabilities, may have a material adverse effect on
our business operations, financial condition or cash flows. Further, we cannot be certain that we will be able to
identify or be indemnified for all potential environmental liabilities relating to any acquired business.
There are also other legislative and regulatory proposals to address greenhouse gas emissions. These
proposals, if enacted, could result in a variety of regulatory programs including potential new regulations,
additional charges to fund energy efficiency activities, or other regulatory actions. Any of these actions could
result in increased costs associated with our operations and impact the prices we charge our customers. For
example, if new regulations are adopted regulating greenhouse gas emissions from mobile sources such as cars
and trucks, we could experience a significant increase in environmental compliance costs in light of our large
rolling-stock fleet. In addition, if our operations are perceived to result in high greenhouse gas emissions, our
reputation could suffer.
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Opportunities within the government arena could subject us to increased governmental regulation and costs.
Most government contracts are awarded through a regulated competitive bidding process. As we pursue
increased opportunities in the government arena, management’s focus associated with the start-up and bidding
process may be diverted away from other opportunities. Involvement with government contracts could require a
significant amount of costs to be incurred before any revenues are realized from these contracts. In addition, as a
government contractor, we are subject to a number of procurement rules and other public sector regulations, any
deemed violation of which could lead to fines or penalties or a loss of business. Government agencies routinely
audit and investigate government contractors. Government agencies may review a contractor’s performance under
its contracts, cost structure and compliance with applicable laws, regulations and standards. If government agencies
determine through these audits or reviews that costs were improperly allocated to specific contracts, they will not
reimburse the contractor for those costs or may require the contractor to refund previously reimbursed costs. If
government agencies determine that we engaged in improper activity, we may be subject to civil and criminal
penalties. In addition, if a government agency were to even allege improper activity, we also could experience
serious harm to our reputation. Many government contracts must be appropriated each year. If appropriations are
not made in subsequent years, we would not realize all of the potential revenues from any awarded contracts.
We may not be successful in continuing to meet the requirements of the Sarbanes-Oxley Act of 2002.
The Sarbanes-Oxley Act of 2002 has many requirements applicable to us regarding corporate governance
and financial reporting, including the requirements for management to report on our internal controls over
financial reporting and for our independent registered public accounting firm to express an opinion over the
operating effectiveness of our internal control over financial reporting. During 2011, we continued actions to
ensure our ability to comply with these requirements. As of December 31, 2011, our internal control over
financial reporting was effective; however, there can be no assurance that our internal control over financial
reporting will be effective in future years. Failure to maintain effective internal controls or the identification of
significant internal control deficiencies in acquisitions already made or made in the future could result in a
decrease in the market value of our common stock and our other publicly traded securities, the reduced ability to
obtain financing, the loss of customers, penalties and additional expenditures to meet the requirements.
If we are unable to enforce our intellectual property rights or if our intellectual property rights become
obsolete, our competitive position could be adversely impacted.
We utilize a variety of intellectual property rights in our services. We view our portfolio of proprietary
energized services tools and techniques as well as our other process and design technologies as one of our
competitive strengths, which we believe differentiates our service offerings. We may not be able to successfully
preserve these intellectual property rights in the future and these rights could be invalidated, circumvented or
challenged. In addition, the laws of some foreign countries in which our services may be sold do not protect
intellectual property rights to the same extent as the laws of the United States. We also license certain
technologies from third parties, and there is a risk that our relationships with licensors may terminate or expire or
may be interrupted or harmed. If we are unable to protect and maintain our intellectual property rights, or if there
are any successful intellectual property challenges or infringement proceedings against us, our ability to
differentiate our service offerings could be reduced. In addition, if our intellectual property rights or work
processes become obsolete, we may not be able to differentiate our service offerings, and some of our
competitors may be able to offer more attractive services to our customers. As a result, our business and revenue
could be materially and adversely affected.
We may incur additional healthcare costs arising from federal healthcare reform legislation.
In March 2010, the Patient Protection and Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010 were signed into law in the U.S. This legislation expands health care coverage to
many uninsured individuals and expands coverage to those already insured. The changes required by this
legislation could cause us to incur additional healthcare and other costs, although we do not expect any material
short-term impact on our financial results as a result of the legislation. We are currently assessing the extent of
any long-term impact from the legislation, including any potential changes to this legislation.
29

Certain provisions of our corporate governing documents could make an acquisition of our company more
difficult.
The following provisions of our certificate of incorporation and bylaws, as currently in effect, as well as
Delaware law, could discourage potential proposals to acquire us, delay or prevent a change in control of us or
limit the price that investors may be willing to pay in the future for shares of our common stock:
• our certificate of incorporation permits our board of directors to issue “blank check” preferred stock
and to adopt amendments to our bylaws;
• our bylaws contain restrictions regarding the right of stockholders to nominate directors and to submit
proposals to be considered at stockholder meetings;
• our certificate of incorporation and bylaws restrict the right of stockholders to call a special meeting of
stockholders and to act by written consent; and
• we are subject to provisions of Delaware law which prohibit us from engaging in any of a broad range
of business transactions with an “interested stockholder” for a period of three years following the date
such stockholder became classified as an interested stockholder.
ITEM 1B. Unresolved Staff Comments
None.
ITEM 2. Properties
Facilities
We lease our corporate headquarters in Houston, Texas and maintain other facilities throughout
North America and in various foreign locations where we conduct business. Our facilities are used for offices,
equipment yards, warehouses, storage and vehicle shops. As of December 31, 2011, we owned 37 of the facilities
we occupy, many of which are encumbered by a security interest under our credit facility, and we leased the
remainder. We believe that our existing facilities are sufficient for our current needs.
Equipment
We operate a fleet of owned and leased trucks and trailers, support vehicles and specialty construction
equipment, such as backhoes, excavators, trenchers, generators, boring machines, cranes, robotic arms, wire
pullers, tensioners, and helicopters. Our owned equipment and the leasehold interest in our leased equipment is
encumbered by a security interest under our credit facility. As of December 31, 2011, the total size of the rollingstock
fleet was approximately 26,000 units. Most of our fleet is serviced by our own mechanics who work at
various maintenance sites and facilities. We believe that our equipment is generally well maintained and
adequate for our present operations.
ITEM 3. Legal Proceedings
We are from time to time party to various lawsuits, claims and other legal proceedings that arise in the
ordinary course of business. These actions typically seek, among other things, compensation for alleged personal
injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or
injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, we record a reserve
when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In
addition, we disclose matters for which management believes a material loss is at least reasonably possible. See
Litigation and Claims in Note 14 of the Notes to Consolidated Financial Statements in Item 8. “Financial
Statements and Supplementary Data”, which is incorporated by reference in this Item 3, for additional
information regarding legal proceedings.
ITEM 4. Mine Safety Disclosures
Not applicable
30

PART II
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “PWR.” The
following table sets forth the high and low sales prices of our common stock per quarter, as reported by the
NYSE, for the two most recent fiscal years.
High Low
Year Ended December 31, 2011
1st Quarter ......................................................... $24.18 $19.98
2nd Quarter ........................................................ 22.98 18.49
3rd Quarter ........................................................ 20.97 15.37
4th Quarter .........................................................
Year Ended December 31, 2010
22.50 16.63
1st Quarter ......................................................... $22.35 $16.75
2nd Quarter ........................................................ 23.23 18.13
3rd Quarter ........................................................ 22.66 17.39
4th Quarter ......................................................... 20.50 17.01
On February 20, 2011, there were 826 holders of record of our common stock, two holders of record of
exchangeable shares of a Canadian subsidiary of Quanta and one holder of record of our Series F preferred stock.
There is no established trading market for the exchangeable shares or the Series F preferred stock; however, the
exchangeable shares may be exchanged at the option of the holder for Quanta common stock on a one-for-one
basis. See Note 10 of Notes to Consolidated Financial Statements in Item 8. “Financial Statements and
Supplementary Data” for additional discussion of our equity securities.
Unregistered Sales of Securities During the Fourth Quarter of 2011
On October 5, 2011, we completed the acquisition of Utilimap Corporation (Utilimap) in which some of the
consideration consisted of our unregistered securities. The aggregate consideration paid in this transaction was
$25.3 million in cash and 553,526 shares of Quanta common stock. This acquisition was not affiliated with any
other acquisitions prior to such transaction.
Such shares of common stock were issued in reliance upon the exemption from registration provided by
Section 4(2) of the Securities Act of 1933, as amended (the Securities Act), as the shares were issued to the
owners of businesses acquired in privately negotiated transactions not involving any public offering or
solicitation.
Period Title of Securities Number of Shares Purchaser Consideration
October 1, 2011 —
October 31,
2011 ..........
Quanta
Common
Stock 553,526
31
Former owners of
acquired company Sale of acquired company

Issuer Purchases of Equity Securities During the Fourth Quarter of 2011
The following table contains information about our purchases of equity securities during the three months
ended December 31, 2011.
Period
(a) Total Number of
Shares Purchased
(b) Average Price
Paid per Share
(c) Total Number
of Shares Purchased
as Part of Publicly
Announced Plans or
Programs
October 1, 2011 —
October 31, 2011 .......... — $ — —
November 1, 2011 —
November 30, 2011 ........ 20,239(2) $18.87 —
December 1, 2011 —
December 31, 2011 ........ — $ — —
(d) Maximum
Number (or Approximate
Dollar Value) of
Shares That May Yet be
Purchased Under the
Plans or Programs (1)
Total ................. 20,239 — $453,000
(1) During the second quarter of 2011, our board of directors approved a stock repurchase program authorizing
us to purchase, from time to time, up to $150.0 million of our outstanding common stock. These repurchases
could be made in open market transactions, in privately negotiated transactions, including block purchases,
or otherwise, at management’s discretion based on market and business conditions, applicable legal
requirements and other factors. This program, which became effective on May 9, 2011, did not obligate us
to acquire any specific amount of common stock and could continue until completed or otherwise modified
or terminated by our board of directors at any time at its sole discretion and without notice. The $150.0
million stock repurchase program was funded with cash on hand and was completed in August 2011.
(2) Represents shares purchased from employees to satisfy tax withholding obligations in connection with the
vesting of restricted stock awards pursuant to the 2007 Stock Incentive Plan.
Dividends
We have not declared any cash dividends on our common stock during the years ended December 31, 2011
or 2010, nor in any previous periods. We currently intend to retain our future earnings, if any, to finance the
growth, development and expansion of our business. Accordingly, we currently do not intend to declare or pay
any cash dividends on our common stock in the immediate future. The declaration, payment and amount of future
cash dividends, if any, will be at the discretion of our board of directors after taking into account various factors.
These factors include our financial condition, results of operations, cash flows from operations, current and
anticipated capital requirements and expansion plans, the income tax laws then in effect and the requirements of
Delaware law. In addition, as discussed in Liquidity and Capital Resources — “Debt Instruments — Credit
Facility” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”
our credit facility includes limitations on the payment of cash dividends without the consent of the lenders.
Performance Graph
The following Performance Graph and related information shall not be deemed “soliciting material” or to
be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by
reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as
amended, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares, for the period from December 31, 2006 to December 31, 2011, the
cumulative stockholder return on our common stock with the cumulative total return on the Standard & Poor’s
32

500 Index (the S&P 500 Index) and a peer group selected by our management that includes public companies
within our industry. The companies in the peer group were selected because they comprise a broad group of
publicly held corporations, each of which has some operations similar to ours. The current peer group (the 2011
Peer Group) includes Chicago Bridge & Iron Company N.V., Dycom Industries, Inc., EMCOR Group Inc., Fluor
Corporation, Jacobs Engineering Group Inc., MasTec, Inc., MYR Group Inc., Pike Electric Corporation, The
Shaw Group, Inc., URS Corp. and Willbros Group, Inc. The peer group used in the previous year (the 2010 Peer
Group) included each of the foregoing companies as well as Comfort Systems USA Inc. The shift to the 2011
Peer Group was based on our decision to focus the comparison on companies that are similar to us in market
capitalization and lines of business and for consistency with other comparisons, as management and the Board
utilize the 2011 Peer Group when evaluating various aspects of our business.
The graph below assumes an investment of $100 (with reinvestment of all dividends) in our common stock,
the S&P 500 Index and each of the peer groups on December 31, 2006 and tracks their relative performance
through December 31, 2011. MYR Group Inc. completed its initial public offering on August 12, 2008, and
accordingly, the performance graph below assumes $100 was invested in MYR Group Inc. in 2008. The returns
of each company in the peer group are weighted based on the market capitalization of each constituent company
at the beginning of the measurement period. The stock price performance reflected on the following graph is not
necessarily indicative of future stock price performance.
$200
$150
$100
$50
$0
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
Among Quanta Services, Inc., the S&P 500 Index,
2010 Peer Group and 2011 Peer Group
12/06 12/07 12/08 12/09 12/10 12/11
Quanta Services, Inc. S&P 500 2010 Peer Group 2011 Peer Group
12/06 12/07 12/08 12/09 12/10 12/11
Quanta Services, Inc. $100.00 133.40 100.66 105.95 101.27 109.51
S&P 500 $100.00 105.49 66.46 84.05 96.71 98.75
2010 Peer Group $100.00 175.61 91.13 97.28 122.85 106.65
2011 Peer Group $100.00 177.19 91.26 97.24 123.12 106.96
33

ITEM 6. Selected Financial Data
The following historical selected financial data has been derived from the financial statements of Quanta.
See Note 4 of Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary
Data” for information regarding certain acquisitions and the related impact on our results of operations as these
acquisitions may affect the comparability of such results. The historical selected financial data should be read in
conjunction with our Consolidated Financial Statements and related notes thereto included in Item 8. “Financial
Statements and Supplementary Data” and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included in Item 7.
Year Ended December 31,
2011 2010 2009 2008 2007
(In thousands, except per share information)
Consolidated Statements of Operations
Data:
Revenues ..........................
Cost of services (including
$4,623,829 $3,931,218 $3,318,126 $3,780,213 $2,656,036
depreciation) ..................... 4,003,230(a) 3,296,795 2,724,638 3,145,347 2,227,289
Gross profit ........................ 620,599 634,423 593,488 634,866 428,747
Selling, general and administrative
expenses ........................ 372,963 339,672 312,414 309,399 240,508
Amortization of intangible assets ....... 29,953 38,568 38,952 36,300 18,759
Operating income ................... 217,683 256,183 242,122 289,167 169,480
Interest expense ..................... (1,821) (4,913) (11,269) (32,002) (39,328)
Interest income ..................... 1,066 1,417 2,456 9,765 19,977
Loss on early extinguishment of debt,
net ............................. — (7,107)(c) — (2) (34)
Other income (expense), net ........... (558) 675 421 342 (546)
Income from continuing operations before
income taxes ..................... 216,370 246,255 233,730 267,270 149,549
Provision for income taxes ............ 71,954(b) 90,698(b) 70,195(b) 109,705 27,684(b)
Income from continuing operations ..... 144,416 155,557 163,535 157,565 121,865
Discontinued operation:
Income from discontinued operation .... — — — — 2,837(d)
Net income .................... 144,416 155,557 163,535 157,565 124,702
Less: Net income attributable to
noncontrolling interest ............. 11,901 2,381 1,373 — —
Net income attributable to common
stock ........................... $ 132,515 $ 153,176 $ 162,162 $ 157,565 $ 124,702
Basic earnings per share attributable to
common stock from continuing
operations ....................... $ 0.62 $ 0.73 $ 0.81 $ 0.89 $ 0.89
Diluted earnings per share attributable to
common stock from continuing
operations ....................... $ 0.62 $ 0.72 $ 0.81 $ 0.87 $ 0.86
(a) In the fourth quarter of 2011, we recorded a $32.6 million charge to cost of services related to our partial
withdrawal from an underfunded pension plan.
34

(b) The effective tax rates in 2011, 2010, 2009 and 2007 were impacted by the recording of $10.7 million, $10.5
million, $23.7 million and $34.4 million of tax benefits in each respective year primarily due to decreases in
reserves for uncertain tax positions resulting from the expiration of various federal and state statutes of
limitations.
(c) In the second quarter of 2010, we recorded a $7.1 million loss on early extinguishment of debt as a result of
the redemption of all of our outstanding 3.75% convertible subordinated notes due 2026 (3.75% Notes).
This loss includes a non-cash loss of $3.5 million related to the difference between the net carrying value
and the estimated fair value of the 3.75% Notes calculated as of the date of redemption, the payment of $2.3
million representing the 1.607% redemption premium above par value and a non-cash loss of $1.3 million
from the write-off of the remaining unamortized deferred financing costs related to the 3.75% Notes.
(d) On August 31, 2007, we sold the operating assets of Environmental Professional Associates, Limited, a
Quanta subsidiary. The historical results of operations associated with this business have been presented as a
discontinued operation in Quanta’s statements of operations, and as a result have been excluded from the
information presented above.
2011 2010
December 31,
2009
(In thousands)
2008 2007
Balance Sheet Data:
Working capital ................... $ 984,078 $1,095,969 $1,087,104 $ 933,609 $ 562,134
Goodwill ........................ 1,601,210 1,561,155 1,449,558 1,363,100 1,355,098
Total assets ......................
Convertible subordinated notes, net of
4,699,114 4,341,212 4,116,954 3,558,159 3,390,806
current maturities ............... — — 126,608 122,275 118,266
Total stockholders’ equity ........... 3,381,952 3,365,555 3,109,183 2,682,374 2,218,727
35

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with our historical consolidated financial statements and related notes thereto in Item 8. “Financial
Statements and Supplementary Data.” The discussion below contains forward-looking statements that are based
upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and
uncertainties, including those identified in “Uncertainty of Forward-Looking Statements and Information” below
and in Item 1A. “Risk Factors.”
Introduction
We are a leading provider of specialty contracting services, offering infrastructure solutions primarily to the
electric power, natural gas and oil pipeline and telecommunications industries in North America and in select
international markets. The services we provide include the design, installation, upgrade, repair and maintenance
of infrastructure within each of the industries we serve, such as electric power transmission and distribution
networks, substation facilities, renewable energy facilities, natural gas and oil transmission and distribution
systems and facilities, and wireline and wireless telecommunications networks used for video, data and voice
transmission. We also own fiber optic telecommunications infrastructure in select markets and license the right to
use these point-to-point fiber optic telecommunications facilities to customers.
We report our results under four reportable segments: (1) Electric Power Infrastructure Services, (2) Natural
Gas and Pipeline Infrastructure Services, (3) Telecommunications Infrastructure Services and (4) Fiber Optic
Licensing. These reportable segments are based on the types of services we provide. Our consolidated revenues
for the year ended December 31, 2011 were approximately $4.62 billion, of which 66% was attributable to the
Electric Power Infrastructure Services segment, 22% to the Natural Gas and Pipeline Infrastructure Services
segment, 10% to the Telecommunications Infrastructure Services segment and 2% to the Fiber Optic Licensing
segment.
Our customers include many of the leading companies in the industries we serve. We have developed strong
strategic alliances with numerous customers and strive to develop and maintain our status as a preferred vendor
to our customers. We enter into various types of contracts, including competitive unit price, hourly rate, cost-plus
(or time and materials basis), and fixed price (or lump sum basis), the final terms and prices of which we
frequently negotiate with the customer. Although the terms of our contracts vary considerably, most are made on
either a unit price or fixed price basis in which we agree to do the work for a price per unit of work performed
(unit price) or for a fixed amount for the entire project (fixed price). We complete a substantial majority of our
fixed price projects, other than certain large transmission projects, within one year, while we frequently provide
maintenance and repair work under open-ended unit price or cost-plus master service agreements that are
renewable periodically.
We recognize revenue on our unit price and cost-plus contracts as units are completed or services are
performed. For our fixed price contracts, we record revenues as work on the contract progresses on a
percentage-of-completion basis. Under this method, revenue is recognized based on the percentage of total costs
incurred to date in proportion to total estimated costs to complete the contract. Fixed price contracts generally
include retainage provisions under which a percentage of the contract price is withheld until the project is
complete and has been accepted by our customer.
For internal management purposes, we are organized into three internal divisions, namely, the electric
power division, the natural gas and pipeline division and the telecommunications division. These internal
divisions are closely aligned with the reportable segments described above based on the predominant type of
work provided by the operating units within each division. The operating units providing predominantly
telecommunications infrastructure services and fiber optic licensing services are managed within the same
internal division.
36

Reportable segment information, including revenues and operating income by type of work, is gathered
from each operating unit for the purpose of evaluating segment performance in support of our market strategies.
These classifications of our operating unit revenues by type of work for segment reporting purposes can at times
require judgment on the part of management. Our operating units may perform joint infrastructure service
projects for customers in multiple industries, deliver multiple types of infrastructure services under a single
customer contract or provide services across industries, for example, joint trenching projects to install
distribution lines for electric power, natural gas and telecommunication customers. Our integrated operations and
common administrative support at each of our operating units requires that certain allocations, including
allocations of shared and indirect costs, such as facility costs, indirect operating expenses including depreciation,
and general and administrative costs, are made to determine operating segment profitability. Corporate costs,
such as payroll and benefits, employee travel expenses, facility costs, professional fees, acquisition costs and
amortization related to certain intangible costs are not allocated.
The Electric Power Infrastructure Services segment provides comprehensive network solutions to customers
in the electric power industry. Services performed by the Electric Power Infrastructure Services segment
generally include the design, installation, upgrade, repair and maintenance of electric power transmission and
distribution networks and substation facilities along with other engineering and technical services. This segment
also provides emergency restoration services, including the repair of infrastructure damaged by inclement
weather, the energized installation, maintenance and upgrade of electric power infrastructure utilizing unique
bare hand and hot stick methods and our proprietary robotic arm technologies, and the installation of “smart grid”
technologies on electric power networks. In addition, this segment designs, installs and maintains renewable
energy generation facilities, in particular solar and wind, and related switchyards and transmission networks. To
a lesser extent, this segment provides services such as the design, installation, maintenance and repair of
commercial and industrial wiring, installation of traffic networks and the installation of cable and control systems
for light rail lines.
The Natural Gas and Pipeline Infrastructure Services segment provides comprehensive network solutions to
customers involved in the transportation of natural gas, oil and other pipeline products. Services performed by
the Natural Gas and Pipeline Infrastructure Services segment generally include the design, installation, repair and
maintenance of natural gas and oil transmission and distribution systems, compressor and pump stations and gas
gathering systems, as well as related trenching, directional boring and automatic welding services. In addition,
this segment’s services include pipeline protection, integrity testing, rehabilitation and replacement and
fabrication of pipeline support systems and related structures and facilities. To a lesser extent, this segment
designs, installs and maintains airport fueling systems as well as water and sewer infrastructure.
The Telecommunications Infrastructure Services segment provides comprehensive network solutions to
customers in the wireline and wireless telecommunications industry, as well as the cable television industry.
Services performed by the Telecommunications Infrastructure Services segment generally include the design,
installation, repair and maintenance of fiber optic, copper and coaxial cable networks used for video, data and
voice transmission, as well as the design, installation and upgrade of wireless communications networks,
including towers, switching systems and “backhaul” links from wireless systems to voice, data and video
networks. This segment also provides emergency restoration services, including the repair of telecommunications
infrastructure damaged by inclement weather. To a lesser extent, services provided under this segment include
cable locating, splicing and testing of fiber optic networks and residential installation of fiber optic cabling.
The Fiber Optic Licensing segment designs, procures, constructs, maintains and owns fiber optic
telecommunications infrastructure in select markets and licenses the right to use these point-to-point fiber optic
telecommunications facilities to our customers pursuant to licensing agreements, typically with terms from five
to twenty-five years, inclusive of certain renewal options. Under those agreements, customers are provided the
right to use a portion of the capacity of a fiber optic network, with the network owned and maintained by us. The
Fiber Optic Licensing segment provides services to enterprise, education, carrier, financial services and
37

healthcare customers, as well as other entities with high bandwidth telecommunication needs. The
telecommunication services provided through this segment are subject to regulation by the Federal
Communications Commission and certain state public utility commissions.
Recent Investments and Acquisitions
On October 5, 2011, we acquired Utilimap Corporation (Utilimap), which provides geographic information
system (GIS) utility asset management and engineering services to the electric utility industry. The aggregate
consideration paid for Utilimap consisted of approximately $24.5 million in cash, 553,526 shares of our common
stock valued at approximately $9.7 million and the repayment of $0.8 million in debt. As this transaction was
effective October 5, 2011, the results of Utilimap have been included in our consolidated financial statements
beginning on such date. This acquisition enables us to further enhance our electric power infrastructure service
offerings. Utilimap’s financial results will generally be included in our Electric Power Infrastructure Services
segment.
On August 11, 2011, we acquired Coe Drilling Pty. Ltd. (Coe), a horizontal directional drilling company
based in Brisbane, Australia. The aggregate consideration paid for Coe consisted of approximately $10.5 million
in cash, 396,643 shares of our common stock valued at approximately $6.3 million and the repayment of $1.8
million in debt. As this transaction was effective August 11, 2011, the results of Coe have been included in our
consolidated financial statements beginning on such date. This acquisition allows us to further expand our
capabilities and scope of services internationally. Coe’s financial results will generally be included in our Natural
Gas and Pipeline Infrastructure Services segment.
On August 5, 2011, we acquired McGregor Construction 2000 Ltd. and certain of its affiliated entities
(McGregor), an electric power infrastructure services company based in Alberta, Canada. The aggregate
consideration paid for McGregor consisted of approximately $38.6 million in cash, 898,440 shares of our
common stock valued at approximately $14.6 million and the repayment of $0.8 million in debt. As this
transaction was effective August 5, 2011, the results of McGregor have been included in our consolidated
financial statements beginning on such date. This acquisition allows us to further expand our capabilities and
scope of services in Canada. McGregor’s financial results will generally be included in our Electric Power
Infrastructure Services segment.
Also in 2011, we acquired two other businesses based in British Columbia, Canada that predominantly
provide electric power infrastructure services, which have been reflected in our consolidated financial statements
as of their respective acquisition dates. In connection with these acquisitions, we paid the former owners of the
businesses an aggregate of approximately $7.3 million in cash and issued an aggregate of 91,204 shares of our
common stock valued at approximately $1.7 million. The results of these businesses are included in our
consolidated financial statements beginning on their respective acquisition dates. These acquisitions allow us to
further expand our capabilities and scope of services in Canada. The financial results for these two businesses
will generally be included in our Electric Power Infrastructure Services segment.
On June 22, 2011, we acquired an equity ownership interest of approximately 39% in Howard Midstream
Energy Partners, LLC (HEP) for an initial capital contribution of $35.0 million. HEP is engaged in the business
of owning, operating and constructing midstream plant and pipeline assets in the natural gas and oil industry.
HEP commenced operations in June 2011 with the acquisitions of Texas Pipeline LLC, a pipeline operator in the
Eagle Ford shale region of South Texas, and Bottom Line Services, LLC, a construction services company. Our
investment in HEP is expected to provide strategic growth opportunities in the ongoing development of the Texas
Eagle Ford shale region. We account for this investment using the equity method of accounting.
During the third quarter of 2011, we loaned $4.0 million to the indirect parent of NJ Oak Solar, LLC (NJ
Oak Solar). The loan proceeds, together with NJ Oak Solar’s other financing and equity funds, were used for
their construction of a 10 MW solar power generation facility in New Jersey. The construction of the facility,
which began in the second quarter of 2011, is being performed by us and was substantially complete at the end of
2011.
38

On October 25, 2010, we acquired Valard Construction LP and certain of its affiliated entities (Valard), an
electric power infrastructure services company based in Alberta, Canada. This acquisition allowed us to further
expand our electric power infrastructure capabilities and scope of services in Canada. Because of the type of
work performed by Valard, its financial results are generally included in the Electric Power Infrastructure
Services segment. The results of Valard have been included in our consolidated financial statements beginning
on October 25, 2010.
Seasonality; Fluctuations of Results; Economic Conditions
Our revenues and results of operations can be subject to seasonal and other variations. These variations are
influenced by weather, customer spending patterns, bidding seasons, project timing and schedules, and holidays.
Typically, our revenues are lowest in the first quarter of the year because cold, snowy or wet conditions can
cause delays on projects. Second quarter revenues are typically higher than those in the first quarter, as some
projects begin, but continued cold and wet weather can often impact second quarter productivity. Third quarter
revenues are typically the highest of the year, as a greater number of projects are underway and weather is more
accommodating to work on projects. Generally, revenues during the fourth quarter of the year are lower than the
third quarter but higher than the second quarter. Many projects are completed in the fourth quarter, and revenues
are often impacted positively by customers seeking to spend their capital budgets before the end of the year;
however, the holiday season and inclement weather can sometimes cause delays, reducing revenues and
increasing costs. Any quarter may be positively or negatively affected by atypical weather patterns in a given part
of the country, such as severe weather, excessive rainfall or warmer winter weather, making it difficult to predict
these variations and their effect on particular projects quarter to quarter.
Additionally, our industry can be highly cyclical. As a result, our volume of business may be adversely
affected by declines or delays in new projects in various geographic regions in the United States and Canada.
Project schedules, particularly in connection with larger, longer-term projects, can also create fluctuations in the
services provided, which may adversely affect us in a given period. The financial condition of our customers and
their access to capital, variations in the margins of projects performed during any particular period, regional,
national and global economic and market conditions, timing of acquisitions, the timing and magnitude of
acquisition and integration costs associated with acquisitions and interest rate fluctuations are examples of items
that may also materially affect quarterly results. Accordingly, our operating results in any particular period may
not be indicative of the results that can be expected for any other period.
We and our customers continue to operate in a challenging business environment, with increasing regulatory
and environmental requirements, stringent permitting processes and only gradual recovery in the economy and
capital markets from recessionary levels. We are closely monitoring our customers and the effect that changes in
economic and market conditions have had or may have on them. Certain of our customers have reduced or
delayed spending over the past two years, which we attribute primarily to regulatory and permitting hurdles and
negative economic and market conditions, and we anticipate that these issues may continue to affect demand for
some of our services in the near-term. However, we believe that most of our customers, many of whom are
regulated utilities, remain financially stable in general and will be able to continue with their business plans in
the long-term. You should read “Outlook” and “Understanding Margins” for additional discussion of trends and
challenges that may affect our financial condition, results of operations and cash flows.
Understanding Margins
Our gross margin is gross profit expressed as a percentage of revenues, and our operating margin is
operating income expressed as a percentage of revenues. Cost of services, which is subtracted from revenues to
obtain gross profit, consists primarily of salaries, wages and benefits to employees, depreciation, fuel and other
equipment expenses, equipment rentals, subcontracted services, insurance, facilities expenses, materials and parts
and supplies. Selling, general and administrative expenses and amortization of intangible assets are then
subtracted from gross profit to obtain operating income. Various factors — some controllable, some not —
impact our margins on a quarterly or annual basis.
39

Seasonal and Geographical. As discussed above, seasonal patterns can have a significant impact on
margins. Generally, business is slower in the winter months versus the warmer months of the year, resulting in
lower productivity and consequently reducing our ability to cover fixed costs. This can be offset somewhat by
increased demand for electrical service and repair work resulting from severe weather. Additionally, project
schedules, including when projects begin and when they are completed, may impact margins. The mix of
business conducted in different parts of the country will also affect margins, as some parts of the country offer
the opportunity for higher margins than others due to the geographic characteristics associated with the physical
location where the work is being performed. Such characteristics include whether the project is performed in an
urban versus a rural setting or in a mountainous area or in open terrain. Site conditions, including unforeseen
underground conditions, can also impact margins.
Weather. Adverse or favorable weather conditions can impact gross margins in a given period. For
example, snow or rainfall in the areas in which we operate may negatively impact our revenues and margins due
to reduced productivity, as projects may be delayed or temporarily placed on hold until weather conditions
improve. Conversely, in periods when weather remains dry and temperatures are accommodating, more work can
be done, sometimes with less cost, which would have a favorable impact on margins. In some cases, severe
weather, such as hurricanes and ice storms, can provide us with higher margin emergency restoration service
work, which generally has a positive impact on margins.
Revenue mix. The mix of revenues derived from the industries we serve will impact margins, as certain
industries provide higher margin opportunities. Additionally, changes in our customers’ spending patterns in
each of the industries we serve can cause an imbalance in supply and demand and, therefore, affect margins and
mix of revenues by industry served.
Service and maintenance versus installation. Installation work is often obtained on a fixed price basis,
while maintenance work is often performed under pre-established or negotiated prices or cost-plus pricing
arrangements. Margins for installation work may vary from project to project, and may be higher than
maintenance work, as work obtained on a fixed price basis has higher risk than other types of pricing
arrangements. We typically derive approximately 30% of our annual revenues from maintenance work, but a
higher portion of installation work in any given period may affect our gross margins for that period.
Subcontract work. Work that is subcontracted to other service providers generally yields lower margins.
An increase in subcontract work in a given period may contribute to a decrease in margins. We typically
subcontract approximately 15% to 20% of our work to other service providers.
Materials versus labor. Typically, our customers are responsible for supplying their own materials on
projects; however, for some of our contracts, we may agree to procure all or part of the required materials.
Margins may be lower on projects where we furnish a significant amount of materials, as our mark-up on
materials is generally lower than on our labor costs. In a given period, an increase in the percentage of work with
higher materials procurement requirements may decrease our overall margins.
Depreciation. We include depreciation in cost of services. This is common practice in our industry, but it
can make comparability of our margins to those of other companies difficult. This must be taken into
consideration when comparing us to other companies.
Insurance. Margins could be impacted by fluctuations in insurance accruals as additional claims arise and
as circumstances and conditions of existing claims change. We are insured for employer’s liability, general
liability, auto liability and workers’ compensation claims. Since August 1, 2009, all policy deductible levels are
$5.0 million per occurrence, other than employer’s liability, which is subject to a deductible of $1.0 million. We
also have employee health care benefit plans for most employees not subject to collective bargaining agreements,
of which the primary plan is subject to a deductible of $350,000 per claimant per year. For the policy year ended
July 31, 2009, employer’s liability claims were subject to a deductible of $1.0 million per occurrence, general
40

liability and auto liability claims were subject to a deductible of $3.0 million per occurrence, and workers’
compensation claims were subject to a deductible of $2.0 million per occurrence. Additionally, for the policy
year ended July 31, 2009, our workers’ compensation claims were subject to an annual cumulative aggregate
liability of up to $1.0 million on claims in excess of $2.0 million per occurrence. Our deductibles were generally
lower in periods prior to August 1, 2008.
Performance risk. Margins may fluctuate because of the volume of work and the impacts of pricing and
job productivity, which can be impacted both favorably and negatively by weather, geography, customer
decisions and crew productivity. For example, when comparing a service contract between a current quarter and
the comparable prior year’s quarter, factors affecting the gross margins associated with the revenues generated by
the contract may include pricing under the contract, the volume of work performed under the contract, the mix of
the type of work specifically being performed and the productivity of the crews performing the work.
Productivity can be influenced by many factors, including where the work is performed (e.g., rural versus urban
area or mountainous or rocky area versus open terrain), whether the work is on an open or encumbered right of
way, the impacts of inclement weather or the effects of environmental restrictions or regulatory delays. These
types of factors are not practicable to quantify through accounting data, but each of these items may individually
or in the aggregate have a direct impact on the gross margin of a specific project.
Selling, General and Administrative Expenses
Selling, general and administrative expenses consist primarily of compensation and related benefits to
management, administrative salaries and benefits, marketing, office rent and utilities, communications,
professional fees, bad debt expense, acquisition costs, gains and losses on the sale of property and equipment,
letter of credit fees and maintenance, training and conversion costs related to the implementation of an
information technology solution.
Results of Operations
As previously discussed, we completed the acquisition of five businesses during 2011, which included three
electric power infrastructure services companies based in Canada, one electric power infrastructure services
company based in the United States and one natural gas and pipeline infrastructure service contractor based in
Australia. During 2010, we acquired one electric power infrastructure services company based in Canada. During
2009, we acquired one natural gas and pipeline infrastructure services company that provides services in North
America as well as three other businesses providing infrastructure services in the electric power, natural gas and
pipeline and telecommunications industries. The results of these acquisitions have been included in the following
results of operations beginning on their respective acquisition dates. The following table sets forth selected
statements of operations data and such data as a percentage of revenues for the years indicated (dollars in
thousands).
41

Consolidated Results
Year Ended December 31,
2011 2010 2009
Revenues .............................. $4,623,829 100.0% $3,931,218 100.0% $3,318,126 100.0%
Cost of services (including depreciation) ...... 4,003,230 86.6 3,296,795 83.9 2,724,638 82.1
Gross profit ............................. 620,599 13.4 634,423 16.1 593,488 17.9
Selling, general and administrative expenses . . . 372,963 8.1 339,672 8.6 312,414 9.4
Amortization of intangible assets ............ 29,953 0.6 38,568 1.0 38,952 1.2
Operating income ........................ 217,683 4.7 256,183 6.5 242,122 7.3
Interest expense ......................... (1,821) — (4,913) (0.1) (11,269) (0.3)
Interest income .......................... 1,066 — 1,417 — 2,456 —
Loss on early extinguishment of debt, net ..... — — (7,107) (0.2) — —
Other income (expense), net ................ (558) — 675 — 421 —
Income before income taxes ................ 216,370 4.7 246,255 6.2 233,730 7.0
Provision for income taxes ................. 71,954 1.6 90,698 2.3 70,195 2.1
Net income ......................... 144,416 3.1 155,557 3.9 163,535 4.9
Less: Net income attributable to noncontrolling
interests .............................. 11,901 0.2 2,381 — 1,373 —
Net income attributable to common
stock ............................ $ 132,515 2.9% $ 153,176 3.9% $ 162,162 4.9%
2011 compared to 2010
Revenues. Revenues increased $692.6 million, or 17.6%, to $4.62 billion for the year ended
December 31, 2011. Electric power infrastructure service revenues increased $981.4 million, or 47.9%, to $3.03
billion for the year ended December 31, 2011, primarily due to an increase in the number and size of projects as a
result of increased capital spending by our customers, the contribution of $242.2 million in revenues from
acquired businesses and an increase of $76.7 million in revenues from emergency restoration services during
2011 as compared to 2010. Also contributing to the overall revenue increase were higher revenues from
telecommunications infrastructure services, which increased $84.3 million, or 22.6%, to $457.3 million,
primarily as a result of increased capital spending by our customers. Partially offsetting these increases were
lower revenues from natural gas and pipeline infrastructure services, which decreased $378.4 million, or 27.0%,
to $1.02 billion for the year ended December 31, 2011 primarily due to a decrease in the number and size of
natural gas transmission projects that were ongoing during 2011 as compared to 2010.
Gross profit. Gross profit decreased $13.8 million, or 2.2%, to $620.6 million for the year ended
December 31, 2011. As a percentage of revenues, gross margin decreased to 13.4% for the year ended
December 31, 2011 from 16.1% for the year ended December 31, 2010. These decreases were primarily due to
the impact of lower overall revenues from natural gas and pipeline infrastructure services, which resulted in a
lower ability to cover operating overhead costs, as well as the impact of project losses incurred by this segment
during 2011 that primarily resulted from increased project costs related to productivity issues caused by adverse
weather conditions and more stringent application of regulations. Also contributing to these decreases was the
impact of a $32.6 million charge to the Natural Gas and Pipeline Infrastructure Services segment’s cost of
services in the fourth quarter of 2011 associated with the withdrawal of certain of our subsidiaries from an
underfunded multi-employer pension plan. Gross margins were also negatively impacted in 2011 as a result of a
decrease in margins earned by the Electric Power Infrastructure Services segment primarily due to the
completion of certain higher margin electric transmission projects during the year ended December 31, 2010, as
compared to electric transmission projects that were at earlier stages of completion during the year ended
December 31, 2011. The decrease in gross profit was partially offset by the impact of higher overall revenues
from the Electric Power Infrastructure Services segment and the Telecommunications Infrastructure Services
segment as described above.
42

Selling, general and administrative expenses. Selling, general and administrative expenses increased $33.3
million, or 9.8%, to $373.0 million for the year ended December 31, 2011. This increase was primarily
attributable to $23.7 million in higher salary and benefits costs from increased personnel and incentive
compensation expenses associated with increased levels of operating activity, as well as approximately $14.0
million in additional administrative expenses associated with businesses acquired since January 1, 2010. Selling,
general and administrative expenses as a percentage of revenues decreased from 8.6% for the year ended
December 31, 2010 to 8.1% for the year ended December 31, 2011 primarily due to the impact of higher overall
revenues described above.
Amortization of intangible assets. Amortization of intangible assets decreased $8.6 million to $30.0
million for the year ended December 31, 2011. This decrease was primarily due to reduced amortization expense
from previously acquired intangible assets as certain of these assets became fully amortized, partially offset by
increased amortization of intangibles associated with businesses acquired during 2010 and 2011.
Interest expense. Interest expense decreased $3.1 million as compared to the year ended
December 31, 2010, primarily due to the redemption of all of our 3.75% convertible subordinated notes due 2026
(3.75% Notes) on May 14, 2010.
Interest income. Interest income decreased $0.4 million to $1.1 million for the year ended
December 31, 2011, primarily as a result of lower average cash balances during the year ended
December 31, 2011 as compared to the year ended December 31, 2010.
Loss on early extinguishment of debt. Loss on early extinguishment of debt was $7.1 million for the year
ended December 31, 2010. The loss on early extinguishment of debt was a result of the redemption of all of the
outstanding 3.75% Notes on May 14, 2010. This loss includes a non-cash loss of $3.5 million related to the
difference between the net carrying value and the estimated fair value of the 3.75% Notes calculated as of the
date of redemption, the payment of $2.3 million for the 1.607% redemption premium above par value and a
non-cash loss of $1.3 million from the write-off of the remaining unamortized deferred financing costs related to
the 3.75% Notes.
Provision for income taxes. The provision for income taxes was $72.0 million for the year ended
December 31, 2011, with an effective tax rate of 33.3%. The provision for income taxes was $90.7 million for
the year ended December 31, 2010, with an effective tax rate of 36.8%. The effective tax rates for 2011 and 2010
were impacted by the recording of tax benefits in the amount of $10.7 million in 2011 and $10.5 million in 2010
associated with decreases in reserves for uncertain tax positions resulting from the expiration of various federal
and state statutes of limitations and settlement of certain tax audits. The lower tax rate in 2011 relates to a
decrease in valuation allowance on foreign tax credits, favorable tax rate differentials on foreign earnings and
lower tax expenses on income from incorporated joint ventures.
2010 compared to 2009
Revenues. Revenues increased $613.1 million, or 18.5%, to $3.93 billion for the year ended December 31,
2010. Revenues from natural gas and pipeline infrastructure services increased $618.6 million, or 78.8%, to
$1.40 billion and fiber optic licensing revenues increased $19.5 million, or 22.4%, to $106.8 million for the year
ended December 31, 2010. Revenues from natural gas and pipeline infrastructure services increased primarily as
a result of revenue contributions from Price Gregory, which was acquired on October 1, 2009. Revenues from
fiber optic licensing increased primarily as a result of continued network expansion and the associated revenues
from licensing the right to use point to point fiber optic telecommunications facilities. These increases were
partially offset by lower revenues from electric power infrastructure services, which decreased $19.6 million, or
0.9%, to $2.05 billion, primarily due to the timing of major transmission projects and decreases in spending by
our customers.
43

Gross profit. Gross profit increased $40.9 million, or 6.9%, to $634.4 million for the year ended
December 31, 2010. The increase in gross profit was predominantly due to the contribution of gas transmission
service revenues during 2010, primarily as the result of the acquisition of Price Gregory. As a percentage of
revenues, gross margin decreased to 16.1% for the year ended December 31, 2010 from 17.9% for the year ended
December 31, 2009, primarily as a result of decreases in gross margins in electric power, natural gas and pipeline
and telecommunications infrastructure services. The decrease in electric power margins was primarily the result
of lower overall levels of profit being contributed from higher margin electric transmission services as a result of
the timing of major projects discussed above. Although overall levels of gas transmission service revenues and
gross profit increased in 2010 as compared to 2009, gross margins earned for 2010 were negatively impacted by
unanticipated delays and difficult weather conditions, which led to higher costs on certain large gas transmission
jobs. Partially offsetting these decreases was an increase in gross margin in fiber optic licensing services.
Selling, general and administrative expenses. Selling, general and administrative expenses increased $27.3
million, or 8.7%, to $339.7 million for the year ended December 31, 2010. Selling, general and administrative
expenses increased approximately $20.3 million as a result of the addition of administrative expenses associated
with the Price Gregory acquisition and, to a lesser extent, the Valard acquisition. In addition, acquisition and
integration costs of $10.6 million were incurred in 2010 compared to $2.8 million in 2009. The costs for the
ongoing implementation of technology solutions also increased $1.5 million in 2010 as compared to 2009.
Partially offsetting these increases was a decrease in net losses on sales of equipment, which were $4.7 million
during 2010, as compared to $8.0 million in 2009. Included in the $8.0 million in net losses in 2009 was an
impairment charge of $4.5 million for assets held for sale at December 31, 2009 related to natural gas segment
equipment that was deemed to be duplicative as a result of the Price Gregory acquisition. As a percentage of
revenues, selling, general and administrative expenses decreased to 8.6% from 9.4% primarily due to a better
ability to cover fixed costs as a result of higher revenues earned in 2010.
Amortization of intangible assets. Amortization of intangible assets decreased $0.4 million to $38.6
million for the year ended December 31, 2010. This decrease was primarily due to reduced amortization expense
from previously acquired intangible assets as balances became fully amortized, offset by increased amortization
of intangible assets related to the acquisitions of Valard on October 25, 2010 and Price Gregory on October 1,
2009.
Interest expense. Interest expense for the year ended December 31, 2010 decreased $6.4 million as
compared to the year ended December 31, 2009, primarily due to the redemption of all of our 3.75% convertible
subordinated notes due 2026 (3.75% Notes) on May 14, 2010.
Interest income. Interest income was $1.4 million for the year ended December 31, 2010, compared to
$2.5 million for the year ended December 31, 2009. The decrease resulted primarily from substantially lower
interest rates earned for the year ended December 31, 2010 as compared to the year ended December 31, 2009.
Loss on early extinguishment of debt. Loss on early extinguishment of debt was $7.1 million for the year
ended December 31, 2010. The loss on early extinguishment of debt was a result of the redemption of all of the
outstanding 3.75% Notes on May 14, 2010. This loss included a non-cash loss of $3.5 million related to the
difference between the net carrying value and the estimated fair value on the 3.75% Notes calculated as of the
date of redemption, the payment of $2.3 million for the 1.607% redemption premium above par value and a
non-cash loss of $1.3 million from the write-off of the remaining unamortized deferred financing costs related to
the 3.75% Notes.
Provision for income taxes. The provision for income taxes was $90.7 million for the year ended
December 31, 2010, with an effective tax rate of 36.8%. The provision for income taxes was $70.2 million for
the year ended December 31, 2009, with an effective tax rate of 30.0%. The effective tax rates for 2010 and 2009
were impacted by the recording of tax benefits in the amount of $10.5 million in 2010 and $23.7 million in 2009
associated with decreases in reserves for uncertain tax positions resulting from the expiration of various federal
and state statutes of limitations.
44

Segment Results
The following table sets forth revenues and operating income (loss) by segment for the years indicated.
Certain reclassifications have been made to the 2010 and 2009 operating income (loss) to conform with the 2011
presentation (dollars in thousands):
2011
Year Ended December 31,
2010 2009
Revenues:
Electric Power ...................... $3,029,678 65.5% $2,048,247 52.1% $2,067,845 62.3%
Natural Gas and Pipeline .............. 1,024,833 22.2 1,403,250 35.7 784,657 23.7
Telecommunications ................. 457,278 9.9 372,934 9.5 378,363 11.4
Fiber Optic Licensing ................. 112,040 2.4 106,787 2.7 87,261 2.6
Consolidated revenues from external
customers ........................ $4,623,829 100.0% $3,931,218 100.0% $3,318,126 100.0%
Operating income (loss):
Electric Power ...................... $ 329,567 10.9% $ 206,040 10.1% $ 226,109 10.9%
Natural Gas and Pipeline .............. (78,543 ) (7.7) 119,175 8.5 62,663 8.0
Telecommunications ................. 36,774 8.0 14,864 4.0 25,346 6.7
Fiber Optic Licensing ................. 54,199 48.4 52,698 49.3 44,143 50.6
Corporate and non-allocated costs ....... (124,314 ) N/A (136,594 ) N/A (116,139 ) N/A
Consolidated operating income ......... $ 217,683 4.7% $ 256,183 6.5% $ 242,122 7.3%
2011 compared to 2010
Electric Power Infrastructure Services Segment Results
Revenues for this segment increased $981.4 million, or 47.9%, to $3.03 billion for the year ended
December 31, 2011. Revenues were primarily impacted by increased capital spending by our customers primarily
associated with electric power transmission projects. Revenues in 2011 were also favorably impacted by the
contribution of $235.4 million in revenues from acquired businesses. Also contributing to the increase was an
increase of $76.7 million in emergency restoration services primarily resulting from Hurricane Irene, which
impacted the east coast region of the United States.
Operating income increased $123.5 million, or 60.0%, to $329.6 million for the year ended
December 31, 2011, while operating income as a percentage of revenues increased to 10.9% for the year ended
December 31, 2011 from 10.1% for the year ended December 31, 2010. The increases were primarily due to the
overall increase in the volume of segment revenues described above, which improved this segment’s ability to
cover fixed and overhead costs, as well as higher margins earned on certain solar power generation projects and
from emergency restoration services performed in 2011 as compared to 2010. The increase in operating margins
was partially offset by the completion of certain higher margin electric transmission projects during 2010 as
compared to electric transmission projects that were in earlier stages of completion during 2011.
Natural Gas and Pipeline Infrastructure Services Segment Results
Revenues for this segment decreased $378.4 million, or 27.0%, to $1.02 billion for the year ended
December 31, 2011. Revenues were negatively impacted by a decrease in the number and size of projects as a
result of delays in spending by our customers, specifically in connection with natural gas transmission projects.
These decreases were partially offset by increases in revenues from distribution services as a result of the
incremental contribution of certain new master service agreements for natural gas distribution services as well as
increased spending by our customers in certain areas of the United States.
45

Operating income decreased $197.7 million, or 165.9%, to a loss of $78.5 million for the year ended
December 31, 2011. Operating income as a percentage of revenues decreased to a negative 7.7% for the year
ended December 31, 2011 from 8.5% for the year ended December 31, 2010. These decreases were primarily due
to the impact of increased project costs related to performance issues caused by adverse weather conditions and
regulatory restrictions on certain gas transmission projects completed during 2011. Also contributing to these
decreases was a $32.6 million charge to this segment’s operating results in 2011 associated with the withdrawal
of certain of our subsidiaries from an underfunded multi-employer pension plan, as well as the negative impact of
the lower overall revenues described above, which negatively impacted this segment’s ability to cover fixed and
overhead costs.
Telecommunications Infrastructure Services Segment Results
Revenues for this segment increased $84.3 million, or 22.6%, to $457.3 million for the year ended
December 31, 2011. This increase in revenues was primarily due to an increase in the volume of work associated
with stimulus-funded fiber optic network projects during the second half of 2011 as well as higher revenues from
fiber to the cell site initiatives resulting from higher capital spending by our customers. These increases were
partially offset by a decrease in the volume of work associated with a long-haul fiber installation performed
during 2010 that was not replaced during 2011.
Operating income increased $21.9 million, or 147.4%, to $36.8 million for the year ended
December 31, 2011. Operating income as a percentage of revenues increased from 4.0% for the year ended
December 31, 2010 to 8.0% for the year ended December 31, 2011. These increases were primarily due to an
increase in the demand for our services allowing for margin expansion during the second half of 2011, as well as
lower selling, general and administrative expenses that resulted from the restructuring of certain operating units,
which reduced the overall amount of fixed costs associated with the segment.
Fiber Optic Licensing Segment Results
Revenues for this segment increased $5.3 million, or 4.9%, to $112.0 million for the year ended
December 31, 2011. This increase in revenues was primarily a result of our continued network expansion and the
associated revenues from licensing the right to use point-to-point fiber optic telecommunications facilities.
Operating income increased nominally to $54.2 million for the year ended December 31, 2011. Operating
income as a percentage of revenues for the year ended December 31, 2011 decreased to 48.4% from 49.3% for
the year ended December 31, 2010, primarily due to higher network maintenance costs incurred during 2011, as
well as higher construction revenues earned during 2011, which bear lower margins than the fiber optic licensing
revenues generated by this segment.
Corporate and Non-allocated Costs
Certain selling, general and administrative expenses and amortization of intangible assets are not allocated
to segments. Corporate and non-allocated costs for the year ended December 31, 2011 decreased $12.3 million to
$124.3 million. This decrease was primarily due to a decrease of $8.6 million in amortization expense as
previously acquired intangible assets have become fully amortized and a decrease of $7.9 million in acquisition
and integration costs. Partially offsetting these decreases was a $3.0 million increase in costs associated with
various business development initiatives.
46

2010 compared to 2009
Electric Power Infrastructure Services Segment Results
Revenues for this segment decreased $19.6 million, or 0.9%, to $2.05 billion for the year ended
December 31, 2010. Revenues were negatively impacted primarily by a reduction in electric power transmission
services related to the timing of major transmission projects. Partially offsetting this decrease was an increase in
revenues from other electric power infrastructure services, as well as approximately $25.7 million in revenues
contributed from Valard, which was acquired on October 25, 2010. Additionally, revenues were positively
impacted by an increase of approximately $16.7 million in revenues from emergency restoration services, to
approximately $96.5 million in 2010 from approximately $79.8 million in 2009. This increase was primarily due
to the increased work associated with ice storms in the United States during the first quarter of 2010.
Operating income decreased $20.1 million, or 8.9%, to $206.0 million for the year ended December 31,
2010, while operating income as a percentage of revenues decreased to 10.1% for the year ended December 31,
2010 from 10.9% for the year ended December 31, 2009. These decreases were primarily the result of lower
levels of profit being contributed from higher margin electric transmission services due to the timing of major
transmission projects discussed above, coupled with a more competitive pricing environment for smaller scale
transmission projects and distribution services. In addition, margins were lower on emergency restoration
services performed in 2010 as compared to 2009.
Natural Gas and Pipeline Infrastructure Services Segment Results
Revenues for this segment increased $618.6 million, or 78.8%, to $1.40 billion for the year ended
December 31, 2010. This increase was due to the incremental contribution of natural gas transmission service
revenues primarily from the operations of Price Gregory, which was acquired on October 1, 2009.
Operating income increased $56.5 million, or 90.2%, to $119.2 million for the year ended December 31,
2010. Operating income as a percentage of revenues increased to 8.5% for the year ended December 31, 2010
from 8.0% for the year ended December 31, 2009. The increases in operating income and operating margin were
primarily due to the increased revenue contributions resulting from the acquisition of Price Gregory, which led to
a change in the mix of services to a greater volume of higher margin gas transmission services in 2010 as
compared to 2009, as well as the impact of higher overall revenues on this segment’s ability to cover fixed costs.
Telecommunications Infrastructure Services Segment Results
Revenues for this segment decreased $5.4 million, or 1.4%, to $372.9 million for the year ended
December 31, 2010, primarily due to lower revenues from fiber build-out initiatives as a result of continued
reduced capital spending by our customers during 2010 as compared to 2009. This decrease in revenues was
partially offset by an increase in the volume of work associated with long-haul fiber installation during the year
ended December 31, 2010 as compared to 2009.
Operating income decreased $10.5 million, or 41.4%, to $14.9 million for the year ended December 31,
2010, as compared to operating income of $25.3 million for the year ended December 31, 2009. Operating
income as a percentage of revenues decreased from 6.7% for the year ended December 31, 2009 to 4.0% for the
year ended December 31, 2010. These decreases were primarily due to the impact of losses incurred during the
first quarter of 2010 as a result of weather related slowdowns impacting this segment’s productivity, coupled
with lower overall margins on work performed in 2010 as compared to 2009 due to a change in the mix of the
types of services performed during 2010 as a result of continued reduced capital spending by our customers.
47

Fiber Optic Licensing Segment Results
Revenues for this segment increased $19.5 million, or 22.4%, to $106.8 million for the year ended
December 31, 2010. This increase in revenues was primarily a result of our continued network expansion and the
associated revenues from licensing the right to use point-to-point fiber optic telecommunications facilities.
Operating income increased $8.6 million, or 19.4%, to $52.7 million for the year ended December 31, 2010,
primarily as a result of the increased revenues discussed above. Operating income as a percentage of revenues for
the year ended December 31, 2010 remained relatively constant.
Corporate and Non-allocated Costs
Certain selling, general and administrative expenses and amortization of intangible assets are not allocated
to segments. Corporate and non-allocated costs for the year ended December 31, 2010 increased $20.5 million to
$136.6 million. The increase was primarily due to an increase in salaries and benefits costs of approximately
$11.1 million from increased non-cash stock compensation as well as higher personnel and incentive
compensation expenses associated with current levels of operating activity. In addition, acquisition and ongoing
integration costs of $10.6 million were incurred in 2010 compared to $2.8 million in 2009. Also, the costs for the
ongoing implementation of technology solutions increased $1.5 million during the year ended December 31,
2010 as compared to the year ended December 31, 2009.
Liquidity and Capital Resources
Cash Requirements
We anticipate that our cash and cash equivalents on hand, which totaled $315.3 million as of
December 31, 2011, existing borrowing capacity under our credit facility, and our future cash flows from
operations will provide sufficient funds to enable us to meet our future operating needs and our planned capital
expenditures, as well as facilitate our ability to grow in the foreseeable future.
Capital expenditures are expected to total $190 million to $225 million for 2012. Approximately $40 million
to $50 million of the expected 2012 capital expenditures are targeted for the expansion of our fiber optic
networks.
We also evaluate opportunities for strategic acquisitions from time to time that may require cash, as well as
other opportunities to make investments in customer-sponsored projects where we anticipate performing services
such as project management, engineering, procurement or construction services. These investment opportunities
exist in the markets and industries we serve and may take the form of debt or equity investments, which may
require cash.
Management continues to monitor the financial markets and general national and global economic
conditions. We consider our cash investment policies to be conservative in that we maintain a diverse portfolio of
what we believe to be high-quality cash investments with short-term maturities. We were in compliance with our
covenants under our credit facility at December 31, 2011. Accordingly, we do not anticipate that any weakness in
the capital markets will have a material impact on the principal amounts of our cash investments or our ability to
rely upon our existing credit facility for funds. To date, we have experienced no loss of or lack of access to our
cash or cash equivalents or funds available under our credit facility; however, we can provide no assurances that
access to our invested cash and cash equivalents or availability under our credit facility will not be impacted in
the future by adverse conditions in the financial markets.
48

Sources and Uses of Cash
As of December 31, 2011, we had cash and cash equivalents of $315.3 million and working capital of
$984.1 million. We also had $191.4 million of letters of credit outstanding under our credit facility and $508.6
million available for revolving loans or issuing new letters of credit under our credit facility.
Operating Activities
Cash flow from operations is primarily influenced by demand for our services, operating margins and the
type of services we provide, but can also be influenced by working capital needs, in particular on larger projects,
due to the timing of collection of receivables and the settlement of payables and other obligations. Working
capital needs are generally higher during the summer and fall months due to increased demand for our services
when favorable weather conditions exist in many of the regions in which we operate. Conversely, working
capital assets are typically converted to cash during the winter months.
Operating activities provided net cash to us of $218.0 million during 2011 as compared to $240.3 million
during 2010 and $376.9 million during 2009. The decrease in operating cash flows for 2011 as compared to 2010
was primarily due to increased working capital requirements in the fourth quarter of 2011 as a result of an
increase in activities on certain major electric transmission projects. Operating cash flows in 2010 were also
negatively impacted, as compared to 2009, as a result of an increase in working capital levels at December 31,
2010 as compared to 2009 primarily due to the timing of production and billing milestones on certain large
natural gas transmission projects. Additionally, operating cash flows in 2009 were higher than in 2011 and 2010
primarily due to the collection of large accounts receivable and retainage balances in 2009 that were outstanding
at the end of 2008.
Investing Activities
During 2011, we used net cash in investing activities of $281.2 million as compared to $254.3 million and
$119.7 million used in investing activities in 2010 and 2009. Investing activities in 2011 included $172.0 million
used for capital expenditures, partially offset by $9.9 million of proceeds from the sale of equipment. Also
included in investing activities in 2011 were the $35.0 million capital contribution to acquire an equity interest in
HEP and investments made for acquisitions in the third and fourth quarters of 2011, which used cash in the
aggregate amount of $79.7 million. Investing activities in 2010 included $130.3 million of net cash used in
connection with our acquisition of Valard and $149.7 million used for capital expenditures, partially offset by
$25.7 million of proceeds from the sale of equipment. Investing activities in 2009 included $36.2 million of net
cash acquired primarily as a result of our acquisition of Price Gregory. During 2009, we also used $165.0 million
for capital expenditures, partially offset by $9.1 million of proceeds from the sale of equipment. Our industry is
capital intensive, and we expect the need for substantial capital expenditures to continue into the foreseeable
future to meet the anticipated demand for our services. In addition, we expect to continue to pursue strategic
acquisitions and investments, although we cannot predict the timing or magnitude of the potential cash outlays
for these initiatives.
Financing Activities
In 2011, we used net cash in financing activities of $158.7 million as compared to $145.7 million used by
financing activities in 2010 and $1.5 million provided by financing activities in 2009. Financing activities in
2011 primarily related to $149.5 million in common stock repurchases under our stock repurchase program as
well as the loan costs related to the amendment and restatement of our credit facility on August 2, 2011.
Financing activities in 2010 included $143.8 million in payments for the redemption of the aggregate principal
amount of our 3.75% Notes, described below in “Debt Instruments”, as well as $2.3 million in net repayments of
other borrowings during the year ended December 31, 2010. Additionally, we made a $2.4 million cash payment
to a noncontrolling interest as a distribution of profits. These outflows were partially offset by $2.2 million in tax
impacts from stock-based equity awards and $0.5 million received from the exercise of stock options. Net cash
provided by financing activities in 2009 resulted primarily from $2.0 million in net proceeds from borrowings,
coupled with cash inflows of $1.0 million from the exercise of stock options. These inflows were partially offset
by a $1.5 million tax impact from the vesting of stock-based equity awards.
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Debt Instruments
Credit Facility
We have a credit agreement that provides for a $700.0 million senior secured revolving credit facility
maturing on August 2, 2016. The entire amount of the facility is available for the issuance of letters of credit, and
up to $25.0 million of the facility is available for swing line loans. Up to $100.0 million of the facility is
available for revolving loans and letters of credit in certain alternative currencies in addition to the U.S. dollar.
Borrowings under the credit agreement are to be used to refinance existing indebtedness and for working capital,
capital expenditures and other general corporate purposes. We entered into the credit agreement on August 2,
2011, which amended and restated our prior credit agreement.
As of December 31, 2011, we had approximately $191.4 million of letters of credit issued under the credit
facility and no outstanding revolving loans. The remaining $508.6 million was available for revolving loans or
issuing new letters of credit. Amounts borrowed under the credit agreement in U.S. dollars bear interest, at our
option, at a rate equal to either (a) the Eurocurrency Rate (as defined in the credit agreement) plus 1.25% to
2.50%, as determined based on our Consolidated Leverage Ratio (as described below), plus, if applicable, any
Mandatory Cost (as defined in the credit agreement) required to compensate lenders for the cost of compliance
with certain European regulatory requirements, or (b) the Base Rate (as described below) plus 0.25% to 1.50%,
as determined based on our Consolidated Leverage Ratio. Amounts borrowed under the credit agreement in any
currency other than U.S. dollars bear interest at a rate equal to the Eurocurrency Rate plus 1.25% to 2.50%, as
determined based on our Consolidated Leverage Ratio, plus, if applicable, any Mandatory Cost. Standby letters
of credit issued under the credit agreement are subject to a letter of credit fee of 1.25% to 2.50%, based on our
Consolidated Leverage Ratio, and Performance Letters of Credit (as defined in the credit agreement) issued
under the credit agreement in support of certain contractual obligations are subject to a letter of credit fee of
0.75% to 1.50%, based on our Consolidated Leverage Ratio. We are also subject to a commitment fee of 0.20%
to 0.45%, based on our Consolidated Leverage Ratio, on any unused availability under the credit agreement. The
Consolidated Leverage Ratio is the ratio of our total funded debt to Consolidated EBITDA (as defined in the
credit agreement). For purposes of calculating both the Consolidated Leverage Ratio and the maximum senior
debt to Consolidated EBITDA ratio discussed below, total funded debt and total senior debt are reduced by all
cash and Cash Equivalents (as defined in the credit agreement) held by us in excess of $25.0 million. The Base
Rate equals the highest of (i) the Federal Funds Rate (as defined in the credit agreement) plus 1/2 of 1%,
(ii) Bank of America’s prime rate and (iii) the Eurocurrency Rate plus 1.00%.
Subject to certain exceptions, the credit agreement is secured by substantially all of our assets and the assets
of our wholly owned U.S. subsidiaries, and by a pledge of all of the capital stock of our wholly owned U.S.
subsidiaries and 65% of the capital stock of our direct foreign subsidiaries and the direct foreign subsidiaries of
our wholly owned U.S. subsidiaries. Our wholly owned U.S. subsidiaries also guarantee the repayment of all
amounts due under the credit agreement. Subject to certain conditions, at any time we maintain a corporate credit
rating that is BBB- (stable) or higher by Standard & Poor’s Rating Services and a corporate family rating that is
Baa3 (stable) or higher by Moody’s Investors Services, all collateral will be automatically released from these
liens.
The credit agreement contains certain covenants, including a maximum Consolidated Leverage Ratio and a
minimum interest coverage ratio, in each case as specified in the credit agreement. The credit agreement also
contains a maximum senior debt to Consolidated EBITDA ratio, as specified in the credit agreement, that will be
in effect at any time that the collateral securing the credit agreement has been and remains released. The credit
agreement limits certain acquisitions, mergers and consolidations, indebtedness, capital expenditures, asset sales
and prepayments of indebtedness and, subject to certain exceptions, prohibits liens on assets. The credit
agreement also includes limits on the payment of dividends and stock repurchase programs in any fiscal year
except those payments or other distributions payable solely in capital stock. As of December 31, 2011, we were
in compliance with all of the covenants in the credit agreement.
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The credit agreement provides for customary events of default and includes cross-default provisions with
our underwriting, continuing indemnity and security agreement with our sureties and all of our other debt
instruments exceeding $30.0 million in borrowings or availability. If an event of default (as defined in the credit
agreement) occurs and is continuing, on the terms and subject to the conditions set forth in the credit agreement,
amounts outstanding under the credit agreement may be accelerated and may become or be declared immediately
due and payable.
Prior to August 2, 2011,we had a credit agreement that provided for a $475.0 million senior secured
revolving credit facility maturing September 19, 2012. Subject to the conditions specified in the prior credit
agreement, borrowings under the prior credit facility were to be used for working capital, capital expenditures
and other general corporate purposes. The entire unused portion of the prior credit facility was available for the
issuance of letters of credit.
Amounts borrowed under the prior credit facility bore interest, at our option, at a rate equal to either (a) the
Eurodollar Rate (as defined in the prior credit agreement) plus 0.875% to 1.75%, as determined by the ratio of
our total funded debt to Consolidated EBITDA (as defined in the prior credit agreement), or (b) the base rate (as
described below) plus 0.00% to 0.75%, as determined by the ratio of our total funded debt to Consolidated
EBITDA. Letters of credit issued under the prior credit facility were subject to a letter of credit fee of 0.875% to
1.75%, based on the ratio of our total funded debt to Consolidated EBITDA. We were also subject to a
commitment fee of 0.15% to 0.35%, based on the ratio of our total funded debt to Consolidated EBITDA, on any
unused availability under the prior credit facility. The base rate equaled the higher of (i) the Federal Funds Rate
(as defined in the prior credit agreement) plus 1/2 of 1% or (ii) the bank’s prime rate.
3.75% Convertible Subordinated Notes
As of December 31, 2011 and December 31, 2010, none of our 3.75% Notes were outstanding. The 3.75%
Notes were originally issued in April 2006 for an aggregate principal amount of $143.8 million and required
semi-annual interest payments on April 30 and October 30 until maturity. On May 14, 2010, we redeemed all of
the $143.8 million aggregate principal amount outstanding of the 3.75% Notes at a redemption price of
101.607% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the date of
redemption. The redemption resulted in the payment of the aggregate redemption price of $146.1 million and the
recognition of a loss on extinguishment of debt of approximately $7.1 million. Included in the loss on early
extinguishment of debt was a non-cash loss of $3.5 million related to the difference between the net carrying
value and the estimated fair value of the 3.75% Notes calculated as of the date of redemption, the payment of
$2.3 million representing the 1.607% redemption premium above par value and a non-cash loss of $1.3 million
from the write-off of the remaining unamortized deferred financing costs related to the 3.75% Notes.
Off-Balance Sheet Transactions
As is common in our industry, we have entered into certain off-balance sheet arrangements in the ordinary
course of business that result in risks not directly reflected in our balance sheets. Our significant off-balance
sheet transactions include liabilities associated with non-cancelable operating leases, letter of credit obligations,
commitments to expand our fiber optic networks, surety guarantees, multi-employer pension plan liabilities and
obligations relating to our joint venture arrangements. Certain joint venture structures involve risks not directly
reflected in our balance sheets. For certain joint ventures, we have guaranteed all of the obligations of the joint
venture under a contract with the customer. Additionally, other joint venture arrangements qualify as a general
partnership, for which we are jointly and severally liable for all of the obligations of the joint venture. In our joint
venture arrangements, each joint venturer indemnifies the other party for any liabilities incurred in excess of the
liabilities such other party is obligated to bear under the respective joint venture agreement. Other than as
previously discussed, we have not engaged in any material off-balance sheet financing arrangements through
special purpose entities, and we have no material guarantees of the work or obligations of third parties.
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Leases
We enter into non-cancelable operating leases for many of our facility, vehicle and equipment needs. These
leases allow us to conserve cash by paying a monthly lease rental fee for use of facilities, vehicles and equipment
rather than purchasing them. We may decide to cancel or terminate a lease before the end of its term, in which
case we are typically liable to the lessor for the remaining lease payments under the term of the lease.
We have guaranteed the residual value of the underlying assets under certain of our equipment operating
leases at the date of termination of such leases. We have agreed to pay any difference between this residual value
and the fair market value of each underlying asset as of the lease termination date. As of December 31, 2011, the
maximum guaranteed residual value was approximately $126.0 million. We believe that no significant payments
will be made as a result of the difference between the fair market value of the leased equipment and the
guaranteed residual value. However, there can be no assurance that future significant payments will not be
required.
Letters of Credit
Certain of our vendors require letters of credit to ensure reimbursement for amounts they are disbursing on
our behalf, such as to beneficiaries under our self-funded insurance programs. In addition, from time to time
some customers require us to post letters of credit to ensure payment to our subcontractors and vendors under
those contracts and to guarantee performance under our contracts. Such letters of credit are generally issued by a
bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder
of the letter of credit if the holder demonstrates that we have failed to perform specified actions. If this were to
occur, we would be required to reimburse the issuer of the letter of credit. Depending on the circumstances of
such a reimbursement, we may also have to record a charge to earnings for the reimbursement. We do not believe
that it is likely that any material claims will be made under a letter of credit in the foreseeable future.
As of December 31, 2011, we had $191.4 million in letters of credit outstanding under our credit facility
primarily to secure obligations under our casualty insurance program. These are irrevocable stand-by letters of
credit with maturities generally expiring at various times throughout 2012. Upon maturity, it is expected that the
majority of these letters of credit will be renewed for subsequent one-year periods.
Performance Bonds and Parent Guarantees
Many customers, particularly in connection with new construction, require us to post performance and
payment bonds issued by a financial institution known as a surety. These bonds provide a guarantee to the
customer that we will perform under the terms of a contract and that we will pay subcontractors and vendors. If
we fail to perform under a contract or to pay subcontractors and vendors, the customer may demand that the
surety make payments or provide services under the bond. We must reimburse the surety for any expenses or
outlays it incurs. Under our underwriting, continuing indemnity and security agreement with our sureties and
with the consent of our lenders under our credit facility, we have granted security interests in certain of our assets
to collateralize our obligations to the sureties. In addition, we have assumed obligations with other sureties with
respect to bonds issued on behalf of acquired companies that were outstanding as of the applicable dates of
acquisition. To the extent these bonds have not expired or been replaced, we may be required to transfer to the
applicable sureties certain of our assets as collateral in the event of default under these other agreements. We
may be required to post letters of credit or other collateral in favor of the sureties or our customers in the future.
Posting letters of credit in favor of the sureties or our customers would reduce the borrowing availability under
our credit facility. To date, we have not been required to make any reimbursements to our sureties for bondrelated
costs. We believe that it is unlikely that we will have to fund significant claims under our surety
arrangements in the foreseeable future. As of December 31, 2011, the total amount of outstanding performance
bonds was approximately $2.18 billion, and the estimated cost to complete these bonded projects was
approximately $722.5 million.
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From time to time, we guarantee the obligations of our wholly owned subsidiaries, including obligations
under certain contracts with customers, certain lease obligations, certain joint venture arrangements and, in some
states, obligations in connection with obtaining contractors’ licenses. We are not aware of any material
obligations for performance or payment asserted against us under any of these guarantees.
Contractual Obligations
As of December 31, 2011, our future contractual obligations were as follows (in thousands):
Total 2012 2013 2014 2015 2016 Thereafter
Operating lease obligations ..........
Committed capital expenditures for
fiber optic networks under contracts
$132,107 $43,922 $28,924 $18,608 $12,901 $8,969 $18,783
with customers .................. 14,218 14,068 150 — — — —
Total ............................ $146,325 $57,990 $29,074 $18,608 $12,901 $8,969 $18,783
The committed capital expenditures for fiber optic networks represent commitments related to signed
contracts with customers. The amounts are estimates of costs required to build the networks under contract. The
actual capital expenditures related to building the networks could vary materially from these estimates.
As of December 31, 2011, the total unrecognized tax benefits related to uncertain tax positions was $47.4
million. We do not expect any significant amount to be paid related to these positions within the next twelve
months. However, we believe it is reasonably possible that within the next twelve months unrecognized tax
benefits may decrease up to $12.1 million due to the expiration of certain statutes of limitations. We are unable to
make reasonably reliable estimates regarding the timing of future cash outflows, if any, associated with the
remaining unrecognized tax benefits.
The above table does not reflect estimated contractual obligations under the multi-employer pension plans in
which our union employees participate. Several of our operating units are parties to various collective bargaining
agreements that require us to provide to the employees subject to these agreements specified wages and benefits,
as well as to make contributions to multi-employer pension plans. Our multi-employer pension plan contribution
rates generally are specified in the collective bargaining agreements (usually on an annual basis), and
contributions are made to the plans on a “pay-as-you-go” basis based on our union employee payrolls. Our
obligations for contributions to multi-employer pension plans cannot be determined for future periods because
the location and number of union employees that we have employed at any given time and the plans in which
they may participate vary depending on the projects we have ongoing at any time and the need for union
resources in connection with those projects.
We may also have additional liabilities imposed by law as a result of our participation in multi-employer
defined benefit pension plans. The Employee Retirement Income Security Act of 1974, as amended by the Multi-
Employer Pension Plan Amendments Act of 1980, imposes certain liabilities upon employers who are
contributors to a multi-employer plan if the employer withdraws from the plan or the plan is terminated or
experiences a mass withdrawal. These liabilities include an allocable share of the unfunded vested benefits in the
plan for all plan participants, not merely the benefits payable to a contributing employer’s own retirees. Other
than as noted below, we are not aware of any material amounts of withdrawal liability that have been or are
expected to be incurred as a result of a withdrawal by any of our operating units from any multi-employer
defined benefit pension plans.
We may also be required to make additional contributions to our multi-employer pension plans if they
become underfunded, and these additional contributions generally will be determined based on our union
employee payrolls. The Pension Protection Act of 2006 added special funding and operational rules generally
applicable to plan years beginning after 2007 for multi-employer plans that are classified as “endangered,”
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“seriously endangered” or “critical” status. Plans in these classifications must adopt measures to improve their
funded status through a funding improvement or rehabilitation plan, which may require additional contributions
from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree
benefits. A number of multi-employer plans to which our operating units contribute or may contribute in the
future are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if any,
that we may be obligated to contribute to these plans in the future cannot be estimated and is not included in the
above table, as such amounts will likely be based on future work that requires the specific use of the union
employees covered by these plans, and the amount of that future work and the number of employees that may be
affected cannot reasonably be estimated.
We recorded a partial withdrawal liability of approximately $32.6 million in the fourth quarter of 2011
related to the withdrawal by certain of our subsidiaries from the Central States, Southeast and Southwest Areas
Pension Plan (the Central States Plan). The partial withdrawal liability we recognized is based on the most recent
information and estimates received from the Central States Plan during 2011 for a complete withdrawal by all of
our subsidiaries participating in the Central States Plan. We expect to receive a formal assessment of the partial
withdrawal liability from the Central States Plan, which is expected to occur no earlier than 2013, and we may
seek to challenge and further negotiate the assessment at that time. As a result, the final partial withdrawal
liability cannot yet be determined with certainty and could be materially higher or lower than the charges we
have recognized. Following the formal assessment, we will be required to pay the assessed amount over a period
of years, although the number of years is not certain and we may also negotiate a lump-sum payment. As a result
of these various factors, the estimated partial withdrawal liability of $32.6 million has not been included in the
table above. For additional information regarding the partial withdrawal liability, see Note 14 of the Notes to
Consolidated Financial Statements in Items 8. “Financial Statements and Supplementary Data.”
Self-Insurance
We are insured for employer’s liability, general liability, auto liability and workers’ compensation claims.
As of August 1, 2011, all policies were renewed with deductibles continuing at existing levels of $5.0 million per
occurrence, other than employer’s liability, which is subject to a deductible of $1.0 million. We also have
employee health care benefit plans for most employees not subject to collective bargaining agreements, of which
the primary domestic plan is subject to a deductible of $350,000 per claimant per year.
Losses under all of these insurance programs are accrued based upon our estimate of the ultimate liability
for claims reported and an estimate of claims incurred but not reported, with assistance from third-party
actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the
severity of an injury, the extent of damage, the determination of our liability in proportion to other parties and the
number of incidents not reported. The accruals are based upon known facts and historical trends, and
management believes such accruals are adequate. As of December 31, 2011 and 2010, the gross amount accrued
for insurance claims totaled $201.2 million and $216.8 million, with $155.4 million and $164.3 million
considered to be long-term and included in other non-current liabilities. Related insurance recoveries/receivables
as of December 31, 2011 and 2010 were $63.1 million and $66.3 million, of which $9.8 million and $9.4 million
are included in prepaid expenses and other current assets and $53.3 million and $56.9 million are included in
other assets, net.
We renew our insurance policies on an annual basis, and therefore deductibles and levels of insurance
coverage may change in future periods. In addition, insurers may cancel our coverage or determine to exclude
certain items from coverage, or we may elect not to obtain certain types or incremental levels of insurance if we
believe that the cost to obtain such coverage is too high for the additional benefit obtained. In any such event, our
overall risk exposure would increase, which could negatively affect our results of operations, financial condition
and cash flows.
Concentration of Credit Risk
We are subject to concentrations of credit risk related primarily to our cash and cash equivalents and our
accounts receivable, including amounts related to unbilled accounts receivable and costs and estimated earnings
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in excess of billings on uncompleted contracts. Substantially all of our cash investments are managed by what we
believe to be high credit quality financial institutions. In accordance with our investment policies, these
institutions are authorized to invest this cash in a diversified portfolio of what we believe to be high quality
investments, which primarily include interest-bearing demand deposits, money market mutual funds and
investment grade commercial paper with original maturities of three months or less. Although we do not
currently believe the principal amount of these investments is subject to any material risk of loss, economic
conditions have significantly impacted the interest income we receive from these investments and is likely to
continue to do so in the future. In addition, we grant credit under normal payment terms, generally without
collateral, to our customers, which include electric power, natural gas and pipeline companies,
telecommunications service providers, governmental entities, general contractors, and builders, owners and
managers of commercial and industrial properties located primarily in the United States and Canada.
Consequently, we are subject to potential credit risk related to changes in business and economic factors
throughout the United States and Canada, which may be heightened as a result of depressed economic and
financial market conditions that have existed in recent years. However, we generally have certain statutory lien
rights with respect to services provided. Under certain circumstances, such as foreclosures or negotiated
settlements, we may take title to the underlying assets in lieu of cash in settlement of receivables. In such
circumstances, extended time frames may be required to liquidate these assets, causing the amounts realized to
differ from the value of the assumed receivable. Historically, some of our customers have experienced significant
financial difficulties, and others may experience financial difficulties in the future. These difficulties expose us to
increased risk related to collectability of billed and unbilled receivables and costs and estimated earnings in
excess of billings on uncompleted contracts for services we have performed. One customer accounted for
approximately 11% of consolidated revenues during the year ended December 31, 2010 and approximately 12%
of billed and accrued receivables at December 31, 2010. Business with this customer is included in the Natural
Gas and Pipeline Infrastructure Services segment. No other customers represented 10% or more of revenues for
the years ended December 31, 2011, 2010 and 2009 or of billed and unbilled accounts receivable as of
December 31, 2011 and 2010.
Litigation and Claims
We are from time to time party to various lawsuits, claims and other legal proceedings that arise in the
ordinary course of business. These actions typically seek, among other things, compensation for alleged personal
injury, breach of contract and/or property damages, employment-related damages, punitive damages, civil
penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and
proceedings, we record a reserve when it is probable that a liability has been incurred and the amount of loss can
be reasonably estimated. In addition, we disclose matters for which management believes a material loss is at
least reasonably possible. See Note 14 of the Notes to Consolidated Financial Statements in Item 8. “Financial
Statements and Supplementary Data” for additional information regarding litigation and claims.
Related Party Transactions
In the normal course of business, we enter into transactions from time to time with related parties. These
transactions typically take the form of facility leases with prior owners of certain acquired companies.
Inflation
Due to relatively low levels of inflation experienced during the years ended December 31, 2011, 2010 and
2009, inflation did not have a significant effect on our results.
New Accounting Pronouncements
Adoption of New Accounting Pronouncements. During the quarter ended December 31, 2011, we adopted
Accounting Standards Update (ASU) 2011-09, “Compensation — Retirement Benefits — Multiemployer Plans
(Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan” (ASU 2011-09).
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This guidance requires employers to make various disclosures for each individually significant multiemployer
plan that provides pension benefits to its employees. Generally, an employer must disclose the employer’s
contributions to the plan during the period and provide a description of the nature and effect of any significant
changes that affect comparability of total employer contributions from period to period. Additionally, the
employer is required to provide a description of the nature of the plan benefits, a qualitative description of the
extent to which the employer could be responsible for the obligations of the plan, including benefits earned by
employees during employment with another employer and other quantitative information, to the extent available,
as of the most recent date available, to help users understand the financial information for each significant plan.
An employer should also provide disclosures for total contributions made to all plans that are not individually
significant and total contributions made to all plans. If certain quantitative information cannot be obtained
without undue cost and effort, that quantitative information may be omitted, although the employer should
describe what information has been omitted and why. The required disclosures must be provided retrospectively
for all prior periods. The adoption of ASU 2011-09 did not have a material impact on our consolidated financial
position, results of operations or cash flows but did impact the disclosures in the notes to our consolidated
financial statements.
In May 2011, the Financial Accounting Standards Board (FASB) issued ASU 2011-04, “Fair Value
Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs” (ASU 2011-04), which is effective for annual reporting periods
beginning after December 15, 2011. This guidance amends certain accounting and disclosure requirements
related to fair value measurements. Additional disclosure requirements in the update include: (1) for Level 3 fair
value measurements, quantitative information about unobservable inputs used, a description of the valuation
processes used by the entity, and a qualitative discussion about the sensitivity of the measurements to changes in
the unobservable inputs; (2) for an entity’s use of a nonfinancial asset that is different from the asset’s highest
and best use, the reason for the difference; (3) for financial instruments not measured at fair value but for which
disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were
determined; and (4) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. We
adopted ASU 2011-04 on January 1, 2012. We do not anticipate that ASU 2011-04 will have a material impact
on our consolidated financial statements, but will consider whether any additional disclosures are necessary.
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of
Comprehensive Income” (ASU 2011-05), which is effective for annual reporting periods beginning after
December 15, 2011. Accordingly, we adopted ASU 2011-05 on January 1, 2012. This guidance eliminates the
option to present the components of other comprehensive income as part of the statement of changes in
stockholders’ equity. This guidance is intended to increase the prominence of other comprehensive income in
financial statements by requiring that such amounts be presented either in a single continuous statement of
income and comprehensive income or separately in consecutive statements of income and comprehensive
income. The adoption of ASU 2011-05 is not expected to have a material impact on our disclosures.
Accounting Standards Not Yet Adopted. In September 2011, the FASB issued ASU 2011-08,
“Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment (the revised standard)”
(ASU 2011-08), which is effective for annual and interim goodwill impairment tests performed for fiscal years
beginning after December 15, 2011. This guidance gives entities the option to first assess qualitative factors to
determine whether it is necessary to perform the current two-step goodwill impairment test. If an entity believes
that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit is less
than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required.
An entity can choose to perform the qualitative assessment on none, some or all of its reporting units. An entity
can also bypass the qualitative assessment for any reporting unit in any period and proceed directly to step one of
the impairment test, and then resume performing the qualitative assessment in any subsequent period. ASU 2011-
08 also includes new qualitative indicators that replace those currently used to determine whether an interim
goodwill impairment test is required to be performed. The adoption of ASU 2011-08 is not expected to have a
material impact on our financial position, results of operations or cash flows.
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Critical Accounting Policies
The discussion and analysis of our financial condition and results of operations are based on our
consolidated financial statements, which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of these consolidated financial statements requires us to make
estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent
assets and liabilities known to exist as of the date the consolidated financial statements are published and the
reported amounts of revenues and expenses recognized during the periods presented. We review all significant
estimates affecting our consolidated financial statements on a recurring basis and record the effect of any
necessary adjustments prior to their publication. Judgments and estimates are based on our beliefs and
assumptions derived from information available at the time such judgments and estimates are made.
Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial
statements. There can be no assurance that actual results will not differ from those estimates. Management has
reviewed its development and selection of critical accounting estimates with the audit committee of our Board of
Directors. We believe the following accounting policies affect our more significant judgments and estimates used
in the preparation of our consolidated financial statements:
Revenue Recognition
Infrastructure Services — Through our Electric Power Infrastructure Services, Natural Gas and Pipeline
Infrastructure Services and Telecommunications Infrastructure Services segments, we design, install and
maintain networks for customers in the electric power, natural gas, oil and telecommunications industries. These
services may be provided pursuant to master service agreements, repair and maintenance contracts and fixed
price and non-fixed price installation contracts. Pricing under these contracts may be competitive unit price, costplus/hourly
(or time and materials basis) or fixed price (or lump sum basis), and the final terms and prices of
these contracts are frequently negotiated with the customer. Under unit-based contracts, the utilization of an
output-based measurement is appropriate for revenue recognition. Under these contracts, we recognize revenue
as units are completed based on pricing established between us and the customer for each unit of delivery, which
best reflects the pattern in which the obligation to the customer is fulfilled. Under our cost-plus/hourly and time
and materials type contracts, we recognize revenue on an input basis, as labor hours are incurred and services are
performed.
Revenues from fixed price contracts are recognized using the percentage-of-completion method, measured
by the percentage of costs incurred to date to total estimated costs for each contract. These contracts provide for a
fixed amount of revenues for the entire project. Such contracts provide that the customer accept completion of
progress to date and compensate us for services rendered, which may be measured in terms of units installed,
hours expended or some other measure of progress. Contract costs include all direct materials, labor and
subcontract costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools,
repairs and depreciation costs. Much of the materials associated with our work are owner-furnished and are
therefore not included in contract revenues and costs. The cost estimation process is based on the professional
knowledge and experience of our engineers, project managers and financial professionals. Changes in job
performance, job conditions and final contract settlements are factors that influence management’s assessment of
total contract value and the total estimated costs to complete those contracts and therefore, our profit recognition.
Changes in these factors may result in revisions to costs and income, and their effects are recognized in the
period in which the revisions are determined. Provisions for losses on uncompleted contracts are made in the
period in which such losses are determined to be probable and the amount can be reasonably estimated. If actual
results significantly differ from our estimates used for revenue recognition and claim assessments, our financial
condition and results of operations could be materially impacted.
We may incur costs subject to change orders, whether approved or unapproved by the customer, and/or
claims related to certain contracts. We determine the probability that such costs will be recovered based upon
evidence such as past practices with the customer, specific discussions or preliminary negotiations with the
customer or verbal approvals. We treat items as a cost of contract performance in the period incurred if it is not
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probable that the costs will be recovered or will recognize revenue if it is probable that the contract price will be
adjusted and can be reliably estimated. As of December 31, 2011 and 2010, we had approximately $77.3 million
and $83.1 million of change orders and/or claims that had been included as contract price adjustments on certain
contracts which were in the process of being negotiated in the normal course of business.
The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents
revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess
of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized
for fixed price contracts.
Fiber Optic Licensing — The Fiber Optic Licensing segment constructs and licenses the right to use fiber
optic telecommunications facilities to its customers pursuant to licensing agreements, typically with terms from
five to twenty-five years, inclusive of certain renewal options. Under those agreements, customers are provided
the right to use a portion of the capacity of a fiber optic facility, with the facility owned and maintained by us.
Revenues, including any initial fees or advance billings, are recognized ratably over the expected length of the
agreements, including probable renewal periods. As of December 31, 2011 and 2010, initial fees and advance
billings on these licensing agreements not yet recorded in revenue were $47.4 million and $44.4 million and are
recognized as deferred revenue, with $38.3 million and $34.7 million considered to be long-term and included in
other non-current liabilities. Actual revenues may differ from those estimates if the contracts are not renewed as
expected.
Self-Insurance. We are insured for employer’s liability, general liability, auto liability and workers’
compensation claims. Since August 1, 2009, policy deductible levels are $5.0 million per occurrence, other than
employer’s liability, which is subject to a deductible of $1.0 million. We also have employee healthcare benefit
plans for most employees not subject to collective bargaining agreements, of which the primary plan is subject to
a deductible of $350,000 per claimant per year. For the policy year ended July 31, 2009, employer’s liability
claims were subject to a deductible of $1.0 million per occurrence, general liability and auto liability claims were
subject to a deductible of $3.0 million per occurrence, and workers’ compensation claims were subject to a
deductible of $2.0 million per occurrence. Additionally, for the policy year ended July 31, 2009, our workers’
compensation claims were subject to an annual cumulative aggregate liability of up to $1.0 million on claims in
excess of $2.0 million per occurrence. Our deductibles were generally lower in periods prior to August 1, 2008.
Losses under all of these insurance programs are accrued based upon our estimates of the ultimate liability
for claims reported and an estimate of claims incurred but not reported, with assistance from third-party
actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the
severity of an injury, the extent of damage, the determination of our liability in proportion to other parties and the
number of incidents not reported. The accruals are based upon known facts and historical trends, and
management believes such accruals are adequate. As of December 31, 2011 and 2010, the gross amount accrued
for insurance claims totaled $201.2 million and $216.8 million, with $155.4 million and $164.3 million
considered to be long-term and included in other non-current liabilities. Related insurance recoveries/receivables
as of December 31, 2011 and 2010 were $63.1 million and $66.3 million, of which $9.8 million and $9.4 million
are included in prepaid expenses and other current assets and $53.3 million and $56.9 million are included in
other assets, net.
We renew our insurance policies on an annual basis, and therefore deductibles and levels of insurance
coverage may change in future periods. In addition, insurers may cancel our coverage or determine to exclude
certain items from coverage, or we may elect not to obtain certain types or incremental levels of insurance if we
believe that the cost to obtain such coverage is too high for the additional benefit obtained. In any such event, our
overall risk exposure would increase, which could negatively affect our results of operations, financial condition
and cash flows.
Valuation of Goodwill. We have recorded goodwill in connection with our acquisitions. Goodwill is
subject to an annual assessment for impairment using a two-step fair value-based test, which we perform at the
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operating unit level. Each of our operating units is organized into one of three internal divisions, which are
closely aligned with our reportable segments, based on the predominant type of work performed by the operating
unit at the point in time the divisional designation is made. Because separate measures of assets and cash flows
are not produced or utilized by management to evaluate segment performance, our impairment assessments of
our goodwill do not include any consideration of assets and cash flows by reportable segment. As a result, we
have determined that our individual operating units represent our reporting units for the purpose of assessing
goodwill impairments.
Our goodwill impairment assessment is performed annually at year-end, or more frequently if events or
circumstances exist which indicate that goodwill may be impaired. For instance, a decrease in our market
capitalization below book value, a significant change in business climate or a loss of a significant customer,
among other things, may trigger the need for interim impairment testing of goodwill associated with one or all of
our reporting units. The first step of the two-step fair value-based test involves comparing the fair value of each
of our reporting units with its carrying value, including goodwill. If the carrying value of the reporting unit
exceeds its fair value, the second step is performed. The second step compares the carrying amount of the
reporting unit’s goodwill to the implied fair value of its goodwill. If the implied fair value of goodwill is less than
the carrying amount, an impairment loss would be recorded as a reduction to goodwill with a corresponding
charge to operating expense.
We determine the fair value of our reporting units using a weighted combination of the discounted cash
flow, market multiple and market capitalization valuation approaches, with heavier weighting on the discounted
cash flow method, as in management’s opinion, this method currently results in the most accurate calculation of a
reporting unit’s fair value. Determining the fair value of a reporting unit requires judgment and the use of
significant estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating
margins, discount rates, weighted average costs of capital and future market conditions, among others. We
believe that the estimates and assumptions used in our impairment assessments are reasonable and based on
available market information, but variations in any of the assumptions could result in materially different
calculations of fair value and determinations of whether or not an impairment is indicated.
Under the discounted cash flow method, we determine fair value based on the estimated future cash flows of
each reporting unit, discounted to present value using risk-adjusted industry discount rates, which reflect the
overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.
Cash flow projections are derived from budgeted amounts and operating forecasts (typically a two-year model)
plus an estimate of later period cash flows, all of which are evaluated by management. Subsequent period cash
flows are developed for each reporting unit using growth rates that management believes are reasonably likely to
occur along with a terminal value derived from the reporting unit’s earnings before interest, taxes, depreciation
and amortization (EBITDA). The EBITDA multiples for each reporting unit are based on trailing twelve-month
comparable industry data.
Under the market multiple and market capitalization approaches, we determine the estimated fair value of
each of our reporting units by applying transaction multiples to each reporting unit’s projected EBITDA and then
averaging that estimate with similar historical calculations using either a one, two or three year average. For the
market capitalization approach, we add a reasonable control premium, which is estimated as the premium that
would be received in a sale of the reporting unit in an orderly transaction between market participants.
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The projected cash flows and estimated levels of EBITDA by reporting unit were used to determine fair
value under the three approaches discussed herein. The following table presents the significant estimates used by
management in determining the fair values of our reporting units at December 31, 2011, 2010 and 2009:
Operating Units
Providing
Predominantly
Electric Power and
Natural Gas
and Pipeline
Services
Operating Units
Providing
Predominantly
Telecommunications
Services
Operating Unit
Providing
Fiber Optic Licensing
2011 2010 2009 2011 2010 2009 2011 2010 2009
Years of cash flows before
terminal value ............. 5 5 5 5 5 5 15 15 15
Discount rates ............... 13% 15% 15% 13% 14%to15%14%to15% 14% 14% 14%
EBITDA multiples ...........4.5to8.04.5to8.05.0to7.54.5to5.5 Weighting of three approaches:
4.5to5.53.5to5.59.5 9.5 9.5
Discounted cash flows ...... 70% 70% 70% 70% 70% 70% 90% 90% 90%
Market multiple ........... 15% 15% 15% 15% 15% 15% 5% 5% 5%
Market capitalization ....... 15% 15% 15% 15% 15% 15% 5% 5% 5%
For recently acquired reporting units, a step one impairment test may indicate an implied fair value that is
substantially similar to the reporting unit’s carrying value. Such similarities in value are generally an indication
that management’s estimates of future cash flows associated with the recently acquired reporting unit remain
relatively consistent with the assumptions that were used to derive its initial fair value. During the fourth quarter
of 2011, a goodwill impairment analysis was performed for each of our operating units, which indicated that the
implied fair value of each of our operating units was substantially in excess of carrying value. Following the
analysis, management concluded that no impairment was indicated at any operating unit. As discussed generally
above, when evaluating the 2011 step one impairment test results, management considered many factors in
determining whether or not an impairment of goodwill for any reporting unit was reasonably likely to occur in
future periods, including future market conditions and the economic environment in which our reporting units
were operating. Circumstances such as continued market declines, the loss of a major customer or other factors
could impact the valuation of goodwill in future periods.
The goodwill analysis performed for each operating unit was based on estimates and industry comparables
obtained from the electric power, natural gas and pipeline, telecommunications and fiber optic licensing
industries, and no impairment was indicated. The 15-year discounted cash flow model used for fiber optic
licensing was based on the long-term nature of the underlying fiber network licensing agreements.
We assigned a higher weighting to the discounted cash flow approach in all periods to reflect increased
expectations of market value being determined from a “held and used” model. Discount rates for the 2011
analysis were decreased for the operating units providing predominately electric power, natural gas and pipeline
and telecommunications infrastructure services due to generally more favorable market conditions for these
operating units from 2010. At December 31, 2010, certain EBITDA multiples were increased slightly from 2009
to reflect more favorable market conditions as the effects of the economic recession had lessened.
As stated previously, cash flows are derived from budgeted amounts and operating forecasts that have been
evaluated by management. In connection with the 2011 assessment, projected annual growth rates by reporting
unit varied widely with ranges from 0% to 39% for operating units in the electric power and the natural gas and
pipeline divisions, 0% to 30% for operating units in telecommunications and 0% to 20% for the operating unit in
fiber optic licensing.
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Estimating future cash flows requires significant judgment, and our projections may vary from cash flows
eventually realized. Changes in our judgments and projections could result in a significantly different estimate of
the fair value of reporting units and intangible assets and could result in an impairment. Variances in the
assessment of market conditions, projected cash flows, cost of capital, growth rates and acquisition multiples
applied could have an impact on the assessment of impairments and any amount of goodwill impairment charges
recorded. For example, lower growth rates, lower acquisition multiples or higher costs of capital assumptions
would all individually lead to lower fair value assessments and potentially increased frequency or size of
goodwill impairments. Any goodwill or other intangible impairment would be included in the consolidated
statements of operations.
Based on the first step of the goodwill impairment analysis, we determined that, as of December 31, 2011,
the fair value of each reporting unit was in excess of its carrying value. We considered the sensitivity of these fair
value estimates to changes in certain of management’s assumptions, and after giving consideration to at least a
10% decrease in the fair value of each of our reporting units, the results of our assessment would not have
changed. Additionally, we compared the sum of fair values of our reporting units to our market capitalization at
December 31, 2011 and determined that the excess of the aggregate fair value of all reporting units to our market
capitalization reflected a reasonable control premium. Our market capitalization at December 31, 2011 was
approximately $4.53 billion, and our total equity was approximately $3.39 billion. Accordingly, we determined
that there was no goodwill impairment at December 31, 2011. Increases in the carrying value of individual
reporting units that may be indicated by our impairment tests are not recorded, therefore we may record goodwill
impairments in the future, even when the aggregate fair value of our reporting units as a whole may increase.
We and our customers continue to operate in a challenging business environment, with increasing regulatory
requirements and only gradual recovery in the economy and capital markets from recessionary levels. We are
closely monitoring our customers and the effect that changes in economic and market conditions have had or
may have on them. Certain of our customers have reduced spending in recent years, which we attribute to the
negative economic and market conditions, and we anticipate that these negative conditions may continue to affect
demand for some of our services in the near-term. We continue to evaluate the impact of the economic
environment on our reporting units and the valuation of recorded goodwill. Although we are not aware of
circumstances that would lead to a goodwill impairment at a reporting unit currently, circumstances such as a
continued market decline, the loss of a major customer or other factors could impact the valuation of goodwill in
the future.
Our goodwill is included in multiple reporting units. Due to the cyclical nature of our business, and the other
factors described under “Risk Factors” in Item 1A, the profitability of our individual reporting units may suffer
from downturns in customer demand and other factors. These factors may have a disproportionate impact on the
individual reporting units as compared to Quanta as a whole and might adversely affect such fair value of
individual reporting units. If material adverse conditions occur that impact our reporting units, our future
estimates of fair value may not support the carrying amount of one or more of our reporting units, and the related
goodwill would need to be written down to an amount considered recoverable.
Valuation of Other Intangibles. Our intangible assets include customer relationships, backlog, trade
names, non-compete agreements, patented rights and developed technology and software, all subject to
amortization, along with other intangible assets not subject to amortization. The value of customer relationships
is estimated as of the date a business is acquired using the value-in-use concept utilizing the income approach,
specifically the excess earnings method. The excess earnings analysis consists of discounting to present value the
projected cash flows attributable to the customer relationships, with consideration given to customer contract
renewals, the importance or lack thereof of existing customer relationships to our business plan, income taxes
and required rates of return. We value backlog as of the date a business is acquired based upon the contractual
nature of the backlog within each service line, using the income approach to discount back to present value the
cash flows attributable to the backlog. The value of trade names is estimated as of the date a business is acquired
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using the relief-from-royalty method of the income approach. This approach is based on the assumption that in
lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this
intangible asset.
We amortize intangible assets based upon the estimated consumption of the economic benefits of each
intangible asset or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be
reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for
recoverability whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For instance, a significant change in business climate or a loss of a significant customer, among
other things, may trigger the need for interim impairment testing of intangible assets. An impairment loss would
be recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its
fair value.
Valuation of Long-Lived Assets. We review long-lived assets for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be realizable. If an evaluation is required, the
estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount
to determine if an impairment of such asset is necessary. This requires us to make long-term forecasts of the
future revenues and costs related to the assets subject to review. Forecasts require assumptions about demand for
our products and future market conditions. Estimating future cash flows requires significant judgment, and our
projections may vary from the cash flows eventually realized. Future events and unanticipated changes to
assumptions could require a provision for impairment in a future period. The effect of any impairment would be
to expense the difference between the fair value of such asset and its carrying value. Such expense would be
reflected in income (loss) from operations in the consolidated statements of operations. In addition, we estimate
the useful lives of our long-lived assets and other intangibles and periodically review these estimates to
determine whether these lives are appropriate.
Current and Long-term Accounts and Notes Receivable and Allowance for Doubtful Accounts. We provide
an allowance for doubtful accounts when collection of an account or note receivable is considered doubtful, and
receivables are written off against the allowance when deemed uncollectible. Inherent in the assessment of the
allowance for doubtful accounts are certain judgments and estimates including, among others, our customer’s
access to capital, our customer’s willingness or ability to pay, general economic and market conditions and the
ongoing relationship with the customer. Quanta considers accounts receivable delinquent after 30 days but does
not generally include delinquent accounts in its analysis of the allowance for doubtful accounts unless the
accounts receivable have been outstanding for at least 90 days. In addition to balances that have been outstanding
for 90 days or more, Quanta also includes accounts receivable in its analysis of the allowance for doubtful
accounts if they relate to customers in bankruptcy or with other known difficulties. Under certain circumstances
such as foreclosures or negotiated settlements, we may take title to the underlying assets in lieu of cash in
settlement of receivables. Material changes in our customers’ business or cash flows, which may be impacted by
negative economic and market conditions, could affect our ability to collect amounts due from them. Should
customers experience financial difficulties or file for bankruptcy, or should anticipated recoveries relating to the
receivables in existing bankruptcies or other workout situations fail to materialize, we could experience reduced
cash flows and losses in excess of current allowances provided.
Income Taxes. We follow the liability method of accounting for income taxes. Under this method, deferred
tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial
reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that are
expected to be in effect when the underlying assets or liabilities are recovered or settled.
We regularly evaluate valuation allowances established for deferred tax assets for which future realization is
uncertain. The estimation of required valuation allowances includes estimates of future taxable income. The
ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
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periods in which those temporary differences become deductible. We consider projected future taxable income
and tax planning strategies in making this assessment. If actual future taxable income differs from our estimates,
we may not realize deferred tax assets to the extent estimated.
We record reserves for expected tax consequences of uncertain tax positions assuming that the taxing
authorities have full knowledge of the position and all relevant facts. The income tax laws and regulations are
voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and
judgments regarding our tax positions that could materially affect amounts recognized in our future consolidated
balance sheets and statements of operations.
Outlook
We and our customers continue to operate in a difficult business environment, with gradual improvement in
the economy and continuing uncertainty in the marketplace. Our customers are also facing stringent regulatory
and environmental requirements as they implement projects to enhance the overall state of their infrastructure.
These economic and regulatory factors have negatively affected our results in the past. However, we are
currently experiencing increased activity and spending in the industries we serve, and we expect these increases
to continue through 2012, although the regulatory obstacles our customers must overcome continue to create
some uncertainty as to the timing of spending. We believe that our financial and operational strengths will enable
us to manage these challenges and uncertainties, and we continue to be optimistic about our long-term
opportunities in each of the industries we serve.
Electric Power Infrastructure Services Segment
The North American electric grid is aging and requires significant upgrades and maintenance to meet
current and future demands for power. Over the past several years, many utilities across North America have
begun to implement plans to improve their transmission systems, improve reliability and reduce congestion, and
new construction, structure change-outs, line upgrades and maintenance projects on many transmission systems
are occurring or planned. In addition, state renewable portfolio standards, which set required or voluntary
standards for how much power is to be generated from renewable energy sources, as well as general
environmental concerns, are driving the development of renewable energy projects, with a stronger focus
currently on utility-scale and distributed solar projects. The construction of renewable energy facilities can result
in the need for additional transmission lines and substations to transport the power from the facilities, which are
often in remote locations, to demand centers. We believe these factors reflect strong opportunities for our
transmission infrastructure services, as well as opportunities for us to provide engineering, project management,
materials procurement and installation services for renewable energy projects.
In the recent past, the regulatory environment has affected the timing and scope of certain transmission
projects, although certain of these delayed projects are now moving into construction. We believe that utilities
remain committed to the expansion and strengthening of their transmission infrastructure, with planning,
engineering and funding for many of their projects in place. In the second half of 2010 and throughout 2011, a
number of large-scale transmission projects were awarded, indicating that transmission build-out programs by
our customers have begun and transmission spending is on the rise. Regulatory and environmental processes and
permitting remain a hurdle for some proposed transmission and renewable energy projects, continuing to create
uncertainty as to timing on this spending. Timing and scope of these projects can also be affected by other factors
such as siting, right-of-way and unfavorable economic and market conditions. The economic feasibility of
renewable energy projects, and therefore the attractiveness of investment in the projects, may also depend on the
availability of tax incentive programs or the ability of the projects to take advantage of such incentives, and there
is no assurance that the government will extend existing tax incentives or create new incentive or funding
programs. We anticipate many of these issues to be overcome and spending on transmission projects to be robust
over the next few years, resulting in a continued shift over the near- and long-term in our electric power services
mix to a greater proportion of high-voltage electric power transmission and substation projects. We also
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anticipate continuing development of renewable energy projects in the near-term, primarily utility-scale solar
facilities, creating increased opportunities for our engineering, procurement and construction services for these
projects.
With respect to our electric power distribution services, we saw a slowdown in spending by our customers
for more than two years on their distribution systems, which we believe is due primarily to adverse economic and
market conditions. Some increase in distribution spending occurred in the latter part of 2010 and throughout
2011, but we are cautious with respect to the sustainability of the increase in distribution spending given
continued economic uncertainties. However, as a result of reduced spending by utilities on their distribution
systems for the past few years, we believe there is a growing need for utilities to resume sustained investment on
their distribution systems to properly maintain the system and to meet reliability requirements. We also anticipate
that utilities will continue to integrate “smart grid” technologies into their transmission and distribution systems
to improve grid management and create efficiencies. Development and installation of smart grid technologies and
other energy efficiency initiatives have benefited from stimulus funding under the American Recovery and
Reinvestment Act of 2009 (ARRA), as well as the implementation of grid management initiatives by utilities and
the desire by consumers for more efficient energy use.
Several existing, pending or proposed legislative or regulatory actions may also positively affect demand for
the services provided by this segment in the long term, particularly in connection with electric power
infrastructure and renewable energy spending. For example, legislative or regulatory action that alleviates some
of the siting and right-of-way challenges that impact transmission projects would potentially accelerate future
transmission line construction. The Federal Energy Regulatory Commission (FERC) recently issued FERC Order
No. 1000 to promote more efficient and cost-effective development of new transmission facilities. The order
establishes transmission planning and cost allocation requirements intended to facilitate multi-state electric
transmission lines and to encourage competition by removing, under certain conditions, federal rights of first
refusal from FERC-approved tariffs and agreements. We believe FERC Order No. 1000 will have a favorable
impact on electric transmission line development, although the impact of its implementation is not expected to
occur for several years. We also anticipate increased infrastructure spending by our customers as a result of
legislation requiring the power industry to meet federal reliability standards for its transmission and distribution
systems and providing incentives to the industry to invest in and improve maintenance on its systems. Certain
aspects of the ARRA have also provided various incentives, such as tax credits, grants and loan guarantees, for
renewable energy, energy efficiency and electric power infrastructure projects, although the feasibility of similar
projects in the future will be affected when or if these incentives are no longer in effect. The benefits of pending
or proposed legislation could also be impacted by the timing and scope of such legislation if and when enacted.
Several industry and market trends are also prompting customers in the electric power industry to seek
outsourcing partners. These trends include an aging utility workforce, increasing costs and labor issues. We
believe the economic recession in the United States slowed employee retirements by many utility workers,
causing the growth trend in outsourcing to temporarily pause. As the economy continues to recover, we believe
utility employee retirements could return to normal levels, which should result in an increase in outsourcing
opportunities. The need to ensure available labor resources for larger projects also drives strategic relationships
with customers.
Natural Gas and Pipeline Infrastructure Services Segment
We see strong potential growth opportunities over the long-term in our natural gas and pipeline operations,
primarily in the installation and maintenance of natural gas and oil pipelines, gathering systems and related
facilities, as well as pipeline integrity and specialty services such as horizontal directional drilling. We believe
opportunities for this segment exist as a result of the increase in the ongoing development of unconventional
shale formations that produce natural gas and/or oil, as well as the development of Canadian oil sands, which will
require the construction of transmission pipeline infrastructure to connect production with demand centers and
the development of midstream gathering infrastructure within areas of production. We also believe the goals of
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clean energy and energy independence for the United States will make abundant, low-cost natural gas the fuel of
choice to replace coal for power generation until renewable energy becomes a significant part of the overall
generation of electricity, creating the need for continued investment in natural gas infrastructure. We believe our
position as a leading provider of transmission pipeline infrastructure services in North America will allow us to
capitalize on these opportunities.
The natural gas and oil industry is cyclical and subject to volatility as a result of fluctuations in natural gas
and oil prices. In the past, these dynamics have negatively impacted the development of natural resources and
related infrastructure such as when natural gas and/or oil prices have declined or remained depressed for
sustained periods. In addition, environmental scrutiny, stringent regulatory requirements and cumbersome
permitting processes have caused delays in some transmission pipeline projects. During 2011, we participated in
numerous bidding opportunities for transmission pipeline projects, but some of these projects were delayed due
to permitting challenges and heightened environmental scrutiny. However, several delayed projects were
awarded and began to move toward construction in 2011, and similar activity has continued into 2012.
The project delays we experienced in 2011 negatively impacted our natural gas and pipeline segment
margins associated with our transmission pipeline operations, in part as a result of our inability to cover fixed
costs. Project delays in the future could have a similar impact on margins for this segment. Margins for our
transmission pipeline projects are also subject to significant performance risk, which can arise from weather
conditions, geography, customer decisions and crew productivity. Our specific opportunities in the transmission
pipeline business are sometimes difficult to predict because of the seasonality of the bidding and construction
cycles within the industry. Many projects are bid and awarded in the first part of the year, with construction
activities compressed in the third and fourth quarters of the year. As a result, we are often limited in our ability to
determine the outlook, including backlog, for this business until we near the close of the bidding cycle.
To address some of this cyclicality, we are diversifying our service offerings for the segment by focusing on
midstream gathering infrastructure opportunities. We have increased our presence in areas where unconventional
shale formations are located, including through the establishment of offices in several areas, to better position us
to successfully pursue projects associated with midstream gathering infrastructure development. The relatively
consistent nature of this work could offset some of the cyclical nature of the transmission pipeline business while
also providing us growth opportunities. Given the current attractive pricing environment for crude oil and natural
gas liquids, we see increased activity and more opportunities in the liquid-rich unconventional shales and are
therefore strategically focusing our efforts to provide services for midstream gathering systems in these shales.
We also see growth potential in some of our other pipeline services. The U.S. Department of Transportation
has implemented significant regulatory legislation through the Pipeline and Hazardous Materials Safety
Administration relating to pipeline integrity requirements that we expect will increase the demand for our
pipeline integrity, rehabilitation and replacement services over the long-term. As pipeline integrity testing
requirements increase in stringency and frequency, we believe more information will be gathered about the
condition of the nation’s pipeline infrastructure and will result in an increase in spending by our customers on
pipeline integrity initiatives. In early 2012, we acquired an engineering, research and development business that
develops and owns pipeline inspection tools, enhancing our pipeline integrity capabilities. We believe that our
ability to offer a complete turnkey solution to pipeline companies and gas utilities provides us an advantageous
position in providing these services to our customers.
Over the past several years, our natural gas operations have been challenged by lower margins in connection
with our natural gas distribution services, which were more significantly affected by the economic downturn than
other operations in this segment. To improve our ability to be competitive and to generate improved margins
from natural gas distribution projects, we restructured our natural gas distribution operations in 2011 to better
align our cost structure to the competitive environment, which we believe should enable us to improve margins
on natural gas distribution projects over time.
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Overall, we are optimistic about this segment’s operations in the future. We continue to believe that
transmission pipeline opportunities can provide strong profitability, although these projects and the profits they
generate are often subject to various risks beyond our control. We have also taken steps to diversify our
operations in this segment through other services, such as pipeline integrity and gathering system opportunities,
and to restructure our gas distribution operations to improve margins. We believe these measures, together with
the potential in transmission pipeline opportunities, will position us for profitable growth in this segment over the
long-term.
Telecommunications Infrastructure Services Segment
Our telecommunications services operations are seeing increasing opportunities as stimulus funding for
broadband deployment to underserved areas continues to progress through the engineering phase into
construction. Approximately $7.2 billion in funding has been awarded under the ARRA for numerous broadband
deployment projects across the U.S. To receive funding for these projects, however, awardees are generally
required to file environmental impact statements, the approval of which has delayed projects. While some of
these projects are still waiting on required permits and approvals, most of the projects have received approvals
and are moving forward with construction. As awardees receive their environmental impact permits and ARRA
funding, projects are being rapidly deployed to meet stimulus deadlines that require completion of projects within
three years, which will extend through 2013 for many projects. We anticipate this deployment schedule will
increase spending for telecommunications services through 2013. We also anticipate some of our customers that
received stimulus funding to continue to expand their networks even though stimulus funding may no longer be
available.
We expect spending to continue by our customers on fiber optic backhaul systems to provide links from
wireless cell sites to broader voice, data and video networks. The substantial growth in wireless data traffic is
significantly straining the capacity of traditional backhaul infrastructure. Capacity constraints, as well as the need
for improved quality and reliability, are driving wireless carriers to upgrade existing backhaul systems to fiber
optic backhaul systems using fiber optic cable, referred to as “fiber to the cell site” initiatives. In addition, several
wireless companies have announced plans to increase their cell site deployments over the next few years,
continue network enhancement initiatives and accommodate the deployment of next generation wireless
technologies. In particular, the transition to 4G and LTE (long-term evolution) technology by wireless service
providers will require significant modification of their networks and new cell sites. We also believe opportunities
remain over the long-term as a result of fiber build-out initiatives by wireline carriers and government
organizations, although we do not expect spending for these initiatives to increase significantly over the levels
experienced in the past two years. We anticipate that the opportunities in both wireline and wireless businesses
will increase demand for our telecommunications services over the long-term, with the timing and amount of
spending from these opportunities being dependent on future economic, market and regulatory conditions and the
timing of deployment of new technologies.
Fiber Optic Licensing Segment
Our Fiber Optic Licensing segment is experiencing growth primarily through geographic expansion, with a
focus on markets where secure high-speed networks are important, such as markets where enterprises,
communications carriers and educational, financial services and healthcare institutions are prevalent. We
continue to see opportunities for growth both in the markets we currently serve and new markets, although we
cannot predict the adverse impact, if any, of economic conditions on these growth opportunities. Our growth
opportunities, however, have been affected in the education markets, which has in the past comprised a
significant portion of this segment’s revenues. We believe this slowdown is due to budgetary constraints,
although these constraints appear to be easing somewhat. Our Fiber Optic Licensing segment typically generates
higher margins than our other operations, but we can give no assurance that the Fiber Optic Licensing segment
margins will continue at historical levels. Additionally, we anticipate the need for continued capital expenditures
to support the growth in this business.
66

Conclusion
We are currently seeing growth opportunities across all of the industry segments we serve, despite
continuing negative effects from restrictive regulatory requirements and challenging economic conditions, which
caused spending by our customers to decline in 2009 and remain slow through 2010 and portions of 2011.
Constraints in the capital markets have also negatively affected some of our customers’ plans for projects in the
past and may do so in the future, which could delay, reduce or suspend future projects if funding is not available.
We are benefiting from utilities’ increased spending on projects to upgrade and build out their electric
power transmission infrastructure to improve system reliability and to deliver renewable electricity from new
generation sources to demand centers. We also expect utilities to outsource more of their work to companies like
Quanta, due in part to their aging workforce issues. We believe that we remain the partner of choice for many
utilities in need of broad infrastructure expertise, specialty equipment and workforce resources.
We believe that we are one of the largest full-service providers of natural gas and oil pipeline infrastructure
services in North America, which positions us to leverage opportunities driven by the development and
production of resources from unconventional shale plays and the Canadian oil sands. We also believe that our
strategy to pursue midstream gathering system opportunities in liquid-rich unconventional shales, as well as the
anticipated increase in demand for our pipeline integrity, rehabilitation and replacement services from pipeline
integrity initiatives, will create attractive growth potential for us and also further diversify the services provided
by our Natural Gas and Pipeline Infrastructure Services segment. As a result, we expect additional opportunities
and improved results in this segment in 2012 as compared to 2011.
We also expect spending on electric distribution and gas distribution services, both of which have been
significantly affected by the challenging economic conditions that have existed during the past two years, to
experience limited growth in the near-term. We expect recovery in electric and gas distribution spending to be
driven primarily by improving economic conditions, as well as increased maintenance needs driven by
heightened reliability regulations.
Demand for our telecommunications infrastructure services is increasing primarily as a result of
construction activities related to projects funded by ARRA stimulus funds and fiber to the cell site initiatives by
wireless carriers. Deployment of 4G and LTE wireless technologies is in the early stages and is also anticipated
to increase demand for our services in the near- and long-term. As new technologies emerge in the future for
communications and digital services such as voice, video, data and telecommunications, we expect service
providers to work quickly to deploy fast, next-generation fiber and wireless networks, and we are and believe we
will continue to be recognized as a key partner in deploying these services.
We expect to continue to see our margins generally improve over the near and long-term, although
competitive pricing environments and project delays and other effects from restrictive regulatory requirements
have negatively impacted our margins in the past and could further affect our margins in the future. Additionally,
margins may be negatively impacted on a quarterly basis due to adverse weather conditions, timing of projects
and other factors as described in “Understanding Margins” above. We continue to focus on the elements of the
business we can control, including costs, the margins we accept on projects, collecting receivables, ensuring
quality service and rightsizing initiatives to match the markets we serve.
Capital expenditures for 2012 are expected to be between $190 million to $225 million, of which
approximately $40 million to $50 million of these expenditures are targeted for fiber optic network expansion,
with the majority of the remaining expenditures for operating equipment. We expect 2012 capital expenditures to
be funded substantially through internal cash flows and cash on hand.
We continue to evaluate potential strategic acquisitions or investments to broaden our customer base,
expand our geographic area of operation, grow our portfolio of services and increase opportunities across our
operations. We believe that additional attractive acquisition candidates exist primarily as a result of the highly
67

fragmented nature of the industry, the inability of many companies to expand and modernize due to capital
constraints, and the desire of owners for liquidity. We also believe that our financial strength and experienced
management team are attractive to acquisition candidates.
Certain international regions present significant opportunities for growth across many of our operations. We
are evaluating ways in which we can strategically apply our expertise to strengthen the infrastructure in various
foreign countries where infrastructure enhancements are increasingly important. For example, we are actively
pursuing opportunities in growth markets where we can leverage our technology or proprietary work methods,
such as our energized services, to establish a presence in these markets.
We believe that we are well-positioned to capitalize upon opportunities and trends in the industries we serve
because of our proven full-service operations with broad geographic reach, financial capability and technical
expertise. Additionally, we believe that these industry opportunities and trends will increase the demand for our
services over the long-term, although the actual timing, magnitude or impact of these opportunities and trends on
our operating results and financial position can be difficult to predict.
Uncertainty of Forward-Looking Statements and Information
This Annual Report on Form 10-K includes “forward-looking statements” reflecting assumptions,
expectations, projections, intentions or beliefs about future events that are intended to qualify for the “safe
harbor” from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these
statements by the fact that they do not relate strictly to historical or current facts. They use words such as
“anticipate,” “estimate,” “project,” “forecast,” “may,” “will,” “should,” “could,” “expect,” “believe,” “plan,”
“intend” and other words of similar meaning. In particular, these include, but are not limited to, statements
relating to the following:
• Projected revenues, earnings per share, margins, other operating or financial results and capital
expenditures;
• Expectations regarding our business outlook, growth or opportunities in particular markets;
• The expected value of contracts or intended contracts with customers;
• The scope, services, term and results of any projects awarded or expected to be awarded for services to
be provided by us;
• The impact of renewable energy initiatives, including mandated state renewable portfolio standards, the
economic stimulus package and other existing or potential energy legislation;
• Potential opportunities that may be indicated by bidding activity;
• The potential benefits from acquisitions;
• Estimates regarding the partial withdrawal liability from a multi-employer pension plan and factors that
may affect the amount of the liability in the future;
• The business plans or financial condition of our customers;
• Our plans and strategies; and
• The current economic and regulatory conditions and trends in the industries we serve.
These forward-looking statements are not guarantees of future performance and involve or rely on a number
of risks, uncertainties, and assumptions that are difficult to predict or beyond our control. These forward-looking
statements reflect our beliefs and assumptions based on information available to our management at the time the
statements are made. We caution you that actual outcomes and results may differ materially from what is
expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking
statements may turn out to be wrong. Those statements can be affected by inaccurate assumptions and by known
or unknown risks and uncertainties, including the following:
• Quarterly variations in our operating results;
68

• Adverse economic and financial conditions, including weakness in the capital markets;
• Trends and growth opportunities in relevant markets;
• Delays, reductions in scope or cancellations of existing or pending projects, including as a result of
weather, regulatory or environmental processes, project performance issues, or our customers’ capital
constraints;
• The successful negotiation, execution, performance and completion of anticipated, pending and
existing contracts;
• Our ability to attract skilled labor and retain key personnel and qualified employees;
• The potential shortage of skilled employees;
• Our dependence on fixed price contracts and the potential to incur losses with respect to these
contracts;
• Estimates relating to our use of percentage-of-completion accounting;
• Adverse impacts from weather;
• Our ability to generate internal growth;
• Our ability to effectively compete for new projects and market share;
• Competition in our business;
• Potential failure of renewable energy initiatives, the economic stimulus package or other existing or
potential legislation actions to result in increased demand for our services;
• Liabilities associated with multi-employer pension plans, including underfunding of liabilities and
termination or withdrawal liabilities;
• Liabilities for claims that are self-insured or not insured;
• Unexpected costs or liabilities that may arise from lawsuits or indemnity claims asserted against us;
• Risks relating to the potential unavailability or cancellation of third party insurance;
• Cancellation provisions within our contracts and the risk that contracts expire and are not renewed or
are replaced on less favorable terms;
• Loss of customers with whom we have long-standing or significant relationships;
• The potential that participation in joint ventures exposes us to liability and/or harm to our reputation for
acts or omissions by our partners;
• Our inability or failure to comply with the terms of our contracts, which may result in unexcused
delays, warranty claims, damages or contract terminations;
• The effect of natural gas and oil prices on our operations and growth opportunities;
• The inability of our customers to pay for services;
• The failure to recover on payment claims against project owners or to obtain adequate compensation
for customer-requested change orders;
• The failure of our customers to comply with regulatory requirements applicable to their projects,
including those related to awards of stimulus funds, which may result in project delays and
cancellations;
• Budgetary or other constraints that may reduce or eliminate government funding of projects, including
stimulus projects, which may result in project delays or cancellations;
• Estimates and assumptions in determining our financial results and backlog;
69

• Our ability to realize our backlog;
• Risks associated with expanding our business in international markets, including instability of foreign
governments, currency fluctuations, tax and investment strategies and compliance with the laws of
foreign jurisdictions, as well as the U.S. Foreign Corrupt Practices Act;
• Our ability to successfully identify, complete, integrate and realize synergies from acquisitions;
• The potential adverse impact resulting from uncertainty surrounding acquisitions, including the ability
to retain key personnel from the acquired businesses and the potential increase in risks already existing
in our operations;
• The adverse impact of impairments of goodwill and other intangible assets or other investments;
• Our growth outpacing our decentralized management infrastructure;
• Requirements relating to governmental regulation and changes thereto;
• Inability to enforce our intellectual property rights or the obsolescence of such rights;
• Risks related to the implementation of an information technology solution;
• The impact of our unionized workforce on our operations and on our ability to complete future
acquisitions;
• Potential liabilities relating to occupational health and safety matters;
• Our dependence on suppliers, subcontractors or equipment manufacturers;
• Risks associated with our fiber optic licensing business, including regulatory changes and the potential
inability to realize a return on our capital investments;
• Beliefs and assumptions about the collectability of receivables;
• The cost of borrowing, availability of credit, fluctuations in the price and volume of our common stock,
debt covenant compliance, interest rate fluctuations and other factors affecting our financing and
investment activities;
• The ability to access sufficient funding to finance desired growth and operations;
• Our ability to obtain performance bonds;
• Potential exposure to environmental liabilities;
• Our ability to continue to meet the requirements of the Sarbanes-Oxley Act of 2002;
• Rapid technological and structural changes that could reduce the demand for our services;
• The impact of increased healthcare costs arising from healthcare reform legislation; and
• The other risks and uncertainties as are described elsewhere herein and under Item 1A. “Risk Factors”
in this report on Form 10-K and as may be detailed from time to time in our other public filings with
the SEC.
All of our forward-looking statements, whether written or oral, are expressly qualified by these cautionary
statements and any other cautionary statements that may accompany such forward-looking statements or that are
otherwise included in this report. In addition, we do not undertake and expressly disclaim any obligation to
update or revise any forward-looking statements to reflect events or circumstances after the date of this report or
otherwise.
70

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
Our primary exposure to market risk relates to unfavorable changes in concentration of credit risk, interest
rates and currency exchange rates.
Credit Risk. We are subject to concentrations of credit risk related to our cash and cash equivalents and
our accounts receivable, including amounts related to unbilled accounts receivable and costs and estimated
earnings in excess of billings on uncompleted contracts. Substantially all of our cash investments are managed by
what we believe to be high credit quality financial institutions. In accordance with our investment policies, these
institutions are authorized to invest this cash in a diversified portfolio of what we believe to be high-quality
investments, which primarily include interest-bearing demand deposits, money market mutual funds and
investment grade commercial paper with original maturities of three months or less. Although we do not
currently believe the principal amounts of these investments are subject to any material risk of loss, economic
conditions have significantly impacted the interest income we receive from these investments and is likely to
continue to do so in the future. In addition, as we grant credit under normal payment terms, generally without
collateral, we are subject to potential credit risk related to our customers’ ability to pay for services provided.
This risk may be heightened as a result of the depressed economic and financial market conditions that have
existed in recent years. However, we believe the concentration of credit risk related to trade accounts receivable
and costs and estimated earnings in excess of billings on uncompleted contracts is limited because of the
diversity of our customers. We perform ongoing credit risk assessments of our customers and financial
institutions and in some cases we obtain collateral or other security from our customers.
Interest Rate and Market Risk. Currently, we do not have any significant assets or obligations with
exposure to significant interest rate and market risk.
Currency Risk. We conduct operations primarily in the U.S. and Canada. Future earnings are subject to
change due to fluctuations in foreign currency exchange rates when transactions are denominated in currencies
other than our functional currencies. To minimize the need for foreign currency forward contracts to hedge this
exposure, our objective is to manage foreign currency exposure by maintaining a minimal consolidated net asset
or net liability position in a currency other than the functional currency.
We may enter into foreign currency derivative contracts to manage some of our foreign currency exposures.
These exposures may include revenues generated in foreign jurisdictions and anticipated purchase transactions,
including foreign currency capital expenditures and lease commitments. There were no open foreign currency
derivative contracts at December 31, 2011.
In the third quarter of 2009, one of our Canadian operating units entered into three forward contracts with
settlement dates in 2009 and 2010, to reduce foreign currency risk associated with anticipated customer sales that
were denominated in South African rand. This same operating unit also entered into three additional forward
contracts with the same settlement dates to reduce the foreign currency exposure associated with a series of
forecasted intercompany payments denominated in U.S. dollars to be made over a twelve-month period. These
contracts were accounted for as cash flow hedges. Accordingly, changes in the fair value of the forward contracts
were recorded in other comprehensive income (loss) prior to their settlement and were reclassified into earnings
in the periods in which the hedged transactions occurred.
The South African rand to Canadian dollar forward contracts had an aggregate notional amount of
approximately $11.0 million ($CAD) at origination, and the Canadian dollar to U.S. Dollar forward contracts had
an aggregate notional amount of approximately $9.5 million (U.S.) at origination. During the year ended
December 31, 2010, net losses of $0.4 million were recorded in income in connection with the settled contracts.
There were no forward contracts outstanding at December 31, 2011 or 2010, and as a result, there is no balance
related to the forward contracts in other comprehensive income. During the year ended December 31, 2009,
losses of $0.8 million were recorded in income in connection with the settled contracts, and at December 31,
2009, there was $0.4 million in other comprehensive income (loss) related to the forward contracts.
71

ITEM 8. Financial Statements and Supplementary Data
INDEX TO QUANTA SERVICES, INC.’S CONSOLIDATED FINANCIAL STATEMENTS
Report of Management ...................................................................
Page
73
Report of Independent Registered Public Accounting Firm ...................................... 75
Consolidated Balance Sheets .............................................................. 76
Consolidated Statements of Operations ...................................................... 77
Consolidated Statements of Cash Flows ..................................................... 78
Consolidated Statements of Equity .......................................................... 79
Notes to Consolidated Financial Statements .................................................. 80
72

REPORT OF MANAGEMENT
Management’s Report on Financial Information and Procedures
The accompanying financial statements of Quanta Services, Inc. and its subsidiaries were prepared by
management. These financial statements were prepared in accordance with accounting principles generally
accepted in the United States, applying certain estimates and judgments as required.
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that
our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all
fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute,
assurance that the control system’s objectives will be met. The design of a control system must reflect the fact
that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further,
because of the inherent limitations in all control systems, no evaluation of controls can provide absolute
assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud,
if any, within the company have been detected. These inherent limitations include the realities that judgments in
decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. Controls can
also be circumvented by the individual acts of some persons, by collusion of two or more people, or by
management override of the controls. The design of any system of controls is based in part on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions. Over time, controls may become inadequate
because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of our consolidated financial statements for external purposes in accordance with
U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the
company’s assets that could have a material effect on the financial statements.
Under the supervision and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, we have conducted an evaluation of the effectiveness of our internal control over
financial reporting based upon the criteria established in Internal Control — Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our
management has concluded that our internal control over financial reporting was effective as of
December 31, 2011 to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external reporting purposes in accordance with U.S. generally accepted
accounting principles.
Because of its inherent limitations, a system of internal control over financial reporting can provide only
reasonable assurances and may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with policies and procedures may deteriorate.
73

The effectiveness of Quanta Services, Inc.’s internal control over financial reporting as of
December 31, 2011 has been audited by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in its report which appears herein.
Management’s assessment of the effectiveness of our internal control over financial reporting as of
December 31, 2011 excluded the five acquisitions we completed in 2011. Such exclusion was in accordance with
SEC guidance that an assessment of recently acquired businesses may be omitted in management’s report on
internal control over financial reporting, provided the acquisition took place within twelve months of
management’s evaluation. These acquisitions comprised approximately 2.8% of our consolidated assets at
December 31, 2011 and 0.9% of our consolidated revenues for the year ended December 31, 2011.
74

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Quanta Services, Inc.:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
operations, cash flows and equity, present fairly, in all material respects, the financial position of Quanta Services, Inc.
and its subsidiaries at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of
the three years in the period ended December 31, 2011 in conformity with accounting principles generally accepted in
the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2011, based on criteria established in Internal Control —
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The Company’s management is responsible for these financial statements, for maintaining effective internal control
over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included
in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to
express opinions on these financial statements and on the Company’s internal control over financial reporting based on
our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement and whether effective internal
control over financial reporting was maintained in all material respects. Our audits of the financial statements included
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded
its 2011 acquisitions from its assessment of internal control over financial reporting as of December 31, 2011 because
these acquisitions were acquired by the Company through purchase business combinations during 2011. We have also
excluded the Company’s 2011 acquisitions from our audit of internal control over financial reporting. The 2011
acquisitions of the Company and its related subsidiaries are wholly owned subsidiaries of the Company and have total
assets and revenues which represent approximately 2.8% and 0.9%, respectively, of the related consolidated financial
statement amounts as of and for the year ended December 31, 2011.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
February 29, 2012
75

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2011 2010
(In thousands, except share
information)
ASSETS
Current Assets:
Cash and cash equivalents ....................................................... $ 315,349 $ 539,221
Accounts receivable, net of allowances of $3,763 and $6,105 ............................ 1,066,273 766,387
Costs and estimated earnings in excess of billings on uncompleted contracts ................ 206,159 135,475
Inventories ................................................................... 71,416 51,754
Prepaid expenses and other current assets ........................................... 105,957 103,527
Total current assets ........................................................... 1,765,154 1,596,364
Property and equipment, net of accumulated depreciation of $519,808 and $428,025 ........... 971,696 900,768
Other assets, net ................................................................. 153,830 88,858
Other intangible assets, net of accumulated amortization of $164,401 and $134,735 ............ 207,224 194,067
Goodwill ....................................................................... 1,601,210 1,561,155
Total assets ................................................................. $4,699,114 $4,341,212
LIABILITIES AND EQUITY
Current Liabilities:
Notes payable ................................................................. $ 56 $ 1,327
Accounts payable and accrued expenses ............................................ 618,925 415,947
Billings in excess of costs and estimated earnings on uncompleted contracts ................ 162,095 83,121
Total current liabilities ........................................................ 781,076 500,395
Deferred income taxes ............................................................ 233,644 212,200
Insurance and other non-current liabilities ............................................. 295,131 261,698
Total liabilities .............................................................. 1,309,851 974,293
Commitments and Contingencies
Equity:
Common stock, $.00001 par value, 600,000,000 and 300,000,000 shares authorized,
217,479,462 and 213,981,415 shares issued, and 206,203,005 and 211,138,091 shares
outstanding ................................................................. 2 2
Exchangeable Shares, no par value, 3,909,110 shares authorized, issued and outstanding ...... — —
Limited Vote Common Stock, $.00001 par value, 0 and 3,345,333 shares authorized, and 0 and
432,485 shares issued and outstanding ............................................ — —
Series F Preferred Stock, $.00001 par value, 1 share authorized, issued and outstanding ....... — —
Additional paid-in capital ........................................................ 3,216,206 3,162,779
Retained earnings .............................................................. 361,527 229,012
Accumulated other comprehensive income .......................................... 710 14,122
Treasury stock, 11,276,457 and 2,843,324 common shares, at cost ........................ (196,493) (40,360)
Total stockholders’ equity ..................................................... 3,381,952 3,365,555
Noncontrolling interests ......................................................... 7,311 1,364
Total equity ................................................................... 3,389,263 3,366,919
Total liabilities and equity ..................................................... $4,699,114 $4,341,212
The accompanying notes are an integral part of these consolidated financial statements.
76

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
2011
Year Ended December 31,
2010 2009
(In thousands, except per share information)
Revenues .................................................. $4,623,829 $3,931,218 $3,318,126
Cost of services (including depreciation) ......................... 4,003,230 3,296,795 2,724,638
Gross profit .............................................. 620,599 634,423 593,488
Selling, general and administrative expenses ...................... 372,963 339,672 312,414
Amortization of intangible assets ............................... 29,953 38,568 38,952
Operating income ......................................... 217,683 256,183 242,122
Interest expense ............................................. (1,821) (4,913) (11,269)
Interest income ............................................. 1,066 1,417 2,456
Loss on early extinguishment of debt, net ........................ — (7,107) —
Other income (expense), net ................................... (558) 675 421
Income before income taxes ................................. 216,370 246,255 233,730
Provision for income taxes .................................... 71,954 90,698 70,195
Net income .............................................. 144,416 155,557 163,535
Less: Net income attributable to noncontrolling interests ............ 11,901 2,381 1,373
Net income attributable to common stock ...................... $ 132,515 $ 153,176 $ 162,162
Earnings per share attributable to common stock:
Basic earnings per share .................................... $ 0.62 $ 0.73 $ 0.81
Diluted earnings per share ................................... $ 0.62 $ 0.72 $ 0.81
Shares used in computing earnings per share:
Weighted average basic shares outstanding ..................... 212,648 210,046 200,733
Weighted average diluted shares outstanding .................... 213,168 211,796 201,311
The accompanying notes are an integral part of these consolidated financial statements.
77

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2011 2010
(In thousands)
2009
Cash Flows from Operating Activities:
Net income ........................................................................
Adjustments to reconcile net income to net cash provided by operations activities —
$144,416 $ 155,557 $ 163,535
Depreciation ..................................................................... 116,068 107,507 86,862
Amortization of intangible assets ..................................................... 29,953 38,568 38,952
Non-cash interest expense ........................................................... — 1,704 4,333
Amortization of debt issuance costs ................................................... 901 642 921
Amortization of deferred revenue ..................................................... (11,415) (12,471) (13,987)
Loss on sale of property and equipment ................................................ 854 4,650 8,758
Non-cash loss on early extinguishment of debt .......................................... — 4,797 —
Foreign currency (gain) loss ......................................................... 1,227 (328) (267)
Provision for (recovery of) doubtful accounts ........................................... 1,163 (142) 2,690
Deferred income tax provision ....................................................... 7,017 36,430 26,911
Non-cash stock-based compensation .................................................. 21,618 23,048 19,875
Tax impact of stock-based equity awards ...............................................
Changes in operating assets and liabilities, net of non-cash transactions —
(Increase) decrease in —
(1,365) (2,161) 1,509
Accounts and notes receivable ..................................................... (311,761) (8,536) 253,070
Costs and estimated earnings in excess of billings on uncompleted contracts ................. (65,916) (66,481) 6,002
Inventories ..................................................................... (18,529) (17,127) 7,536
Prepaid expenses and other current assets ............................................
Increase (decrease) in —
10,352 (12,274) (10,580)
Accounts payable and accrued expenses and other non-current liabilities .................... 221,528 (20,352) (170,010)
Billings in excess of costs and estimated earnings on uncompleted contracts ................. 77,683 10,462 (50,267)
Other, net ...................................................................... (5,764) (3,235) 1,055
Net cash provided by operating activities ................................................. 218,030 240,258 376,898
Cash Flows from Investing Activities:
Proceeds from sale of property and equipment ........................................... 9,903 25,651 9,064
Additions of property and equipment .................................................. (172,005) (149,653) (164,980)
Cash paid for acquisitions, net of cash acquired .......................................... (79,660) (130,251) 36,234
Payment to acquire equity method investment ........................................... (35,000) — —
Cash paid for other investments ...................................................... (4,000) — —
Cash paid for non-compete agreement ................................................. (455) — —
Net cash used in investing activities ................................................. (281,217) (254,253) (119,682)
Cash Flows from Financing Activities:
Proceeds from other long-term debt ................................................... 4,343 1,183 5,316
Payments on other long-term debt .................................................... (5,680) (3,438) (3,301)
Payments on convertible subordinated notes ............................................ — (143,750) —
Debt issuance and amendment costs ................................................... (4,127) — —
Distributions to noncontrolling interests ................................................ (5,954) (2,395) —
Tax impact of stock-based equity awards ............................................... 1,365 2,161 (1,509)
Exercise of stock options ........................................................... 867 534 975
Repurchase of common stock ........................................................ (149,547) — —
Net cash provided by (used in) financing activities ..................................... (158,733) (145,705) 1,481
Effect of foreign exchange rate changes on cash and cash equivalents .......................... (1,952) (708) 3,031
Net increase (decrease) in cash and cash equivalents ........................................ (223,872) (160,408) 261,728
Cash and cash equivalents, beginning of year ............................................. 539,221 699,629 437,901
Cash and cash equivalents, end of year ................................................... $315,349 $ 539,221 $ 699,629
Supplemental disclosure of cash flow information:
Cash (paid) received during the year for —
Interest paid .................................................................... $ (701) $ (3,479) $ (5,864)
Redemption premium on convertible subordinated notes ................................. — (2,310) —
Income tax paid ................................................................. (13,306) (108,700) (56,565)
Income tax refunds .............................................................. 6,502 9,707 2,385
The accompanying notes are an integral part of these consolidated financial statements.
78

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Total
Equity
Noncontrolling
Interest
Total
Stockholders’
Equity
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Series F
Retained
Preferred Stock
Earnings
(Accumulated
Deficit)
Additional
Paid-In
Capital
Exchangeable Limited Vote
Common Stock Shares Common Stock
Shares Amount Shares Amount Shares Amount Shares Amount
(In thousands, except share information)
Balance, December 31, 2008 ...... 196,928,203 $ 2 — $ — 662,293 $ — — $ — $2,803,836 $ (86,326) $ (2,956) $ (32,182) $2,682,374 $ — $2,682,374
Foreign currency translation
adjustment ................... — — — — — — — — — — 6,868 — 6,868 — 6,868
Acquisitions .................... 11,468,916 — — — — — — 242,494 — — — 242,494 5 242,499
Restricted stock activity .......... 881,835 — — — — — — — 19,875 — — (3,556) 16,319 — 16,319
Stock options exercised ........... 99,354 — — — — — — — 975 — — — 975 — 975
Income tax expense from long-term
incentive plans ................ — — — — — — — — (1,599) — — — (1,599) — (1,599)
Change in unrealized gain (loss) on
foreign currency hedges ........ — — — — — — — — — — (410) — (410) — (410)
Net income .................... — — — — — — — — — 162,162 — — 162,162 1,373 163,535
Balance, December 31, 2009 ...... 209,378,308 2 — — 662,293 — — — 3,065,581 75,836 3,502 (35,738) 3,109,183 1,378 3,110,561
Foreign currency translation
adjustment ................... — — — — — — — — — — 10,210 — 10,210 — 10,210
Acquisitions .................... 623,720 — 3,909,110 — — — 1 — 83,354 — — — 83,354 — 83,354
Exchange of Limited Vote Common
Stock for common stock ........ 241,300 — — — (229,808) — — — — — — — — — —
Restricted stock activity .......... 845,980 — — — — — — — 23,048 — — (4,622) 18,426 — 18,426
Stock options exercised ........... 48,783 — — — — — — — 534 — — — 534 — 534
Income tax expense from long-term
incentive plans ................ — — — — — — — — (2,161) — — — (2,161) — (2,161)
Redemption of convertible
subordinated notes ............. — — — — — — — — (7,577) — — — (7,577) (7,577)
Change in unrealized gain (loss) on
foreign currency hedges ........ — — — — — — — — — — 410 — 410 — 410
Distribution to noncontrolling
interest ...................... — — — — — — — — — — — — — (2,395) (2,395)
Net income .................... — — — — — — — — — 153,176 — — 153,176 2,381 155,557
Balance, December 31, 2010 ...... 211,138,091 2 3,909,110 — 432,485 — 1 — 3,162,779 229,012 14,122 (40,360) 3,365,555 1,364 3,366,919
Foreign currency translation
adjustment ................... — — — — — — — — — — (12,235) — (12,235) — (12,235)
Acquisitions .................... 1,939,813 — — — — — — — 32,368 — — — 32,368 — 32,368
Exchange of Limited Vote Common
Stock for common stock ........ 454,107 — — — (432,485) — — — — — — — — — —
Restricted stock activity .......... 729,688 — — — — — — — 21,618 — — (6,586) 15,032 — 15,032
Stock options exercised ........... 74,635 — — — — — — — 867 — — — 867 — 867
Income tax expense from long-term
incentive plans ................ — — — — — — — — (1,426) — — — (1,426) — (1,426)
Common stock repurchases ........ (8,133,329) — — — — — — — — — — (149,547) (149,547) — (149,547)
Distribution to noncontrolling
interest ...................... — — — — — — — — — — — — — (5,954) (5,954)
Other ......................... — — — — — — — — — — (1,177) — (1,177) — (1,177)
Net income .................... — — — — — — — — — 132,515 — — 132,515 11,901 144,416
Balance, December 31, 2011 ...... 206,203,005 $ 2 3,909,110 $ — — $ — 1 $ — $3,216,206 $361,527 $ 710 $(196,493) $3,381,952 $ 7,311 $3,389,263
79
The accompanying notes are an integral part of these consolidated financial statements.

1. BUSINESS AND ORGANIZATION:
QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Quanta Services, Inc. (Quanta) is a leading provider of specialized contracting services, offering
infrastructure solutions to the electric power, natural gas and oil pipeline and telecommunications industries in
North America and in select international markets. Quanta reports its results under four reportable segments:
(1) Electric Power Infrastructure Services, (2) Natural Gas and Pipeline Infrastructure Services,
(3) Telecommunications Infrastructure Services and (4) Fiber Optic Licensing.
Electric Power Infrastructure Services Segment
The Electric Power Infrastructure Services segment provides comprehensive network solutions to customers
in the electric power industry. Services performed by the Electric Power Infrastructure Services segment
generally include the design, installation, upgrade, repair and maintenance of electric power transmission and
distribution networks and substation facilities along with other engineering and technical services. This segment
also provides emergency restoration services, including the repair of infrastructure damaged by inclement
weather, the energized installation, maintenance and upgrade of electric power infrastructure utilizing unique
bare hand and hot stick methods and Quanta’s proprietary robotic arm technologies, and the installation of “smart
grid” technologies on electric power networks. In addition, this segment designs, installs and maintains
renewable energy generation facilities, in particular solar and wind, and related switchyards and transmission
networks. To a lesser extent, this segment provides services such as the design, installation, maintenance and
repair of commercial and industrial wiring, installation of traffic networks and the installation of cable and
control systems for light rail lines.
Natural Gas and Pipeline Infrastructure Services Segment
The Natural Gas and Pipeline Infrastructure Services segment provides comprehensive network solutions to
customers involved in the transportation of natural gas, oil and other pipeline products. Services performed by
the Natural Gas and Pipeline Infrastructure Services segment generally include the design, installation, repair and
maintenance of natural gas and oil transmission and distribution systems, compressor and pump stations and gas
gathering systems, as well as related trenching, directional boring and automatic welding services. In addition,
this segment’s services include pipeline protection, integrity testing, rehabilitation and replacement, and
fabrication of pipeline support systems and related structures and facilities. To a lesser extent, this segment
designs, installs and maintains airport fueling systems as well as water and sewer infrastructure.
Telecommunications Infrastructure Services Segment
The Telecommunications Infrastructure Services segment provides comprehensive network solutions to
customers in the wireline and wireless telecommunications industry and the cable television industry. Services
performed by the Telecommunications Infrastructure Services segment generally include the design, installation,
repair and maintenance of fiber optic, copper and coaxial cable networks used for video, data and voice
transmission, as well as the design, installation and upgrade of wireless communications networks, including
towers, switching systems and “backhaul” links from wireless systems to voice, data and video networks. This
segment also provides emergency restoration services, including the repair of telecommunications infrastructure
damaged by inclement weather. To a lesser extent, services provided under this segment include cable locating,
splicing and testing of fiber optic networks and residential installation of fiber optic cabling.
80

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Fiber Optic Licensing Segment
The Fiber Optic Licensing segment designs, procures, constructs, maintains and owns fiber optic
telecommunications infrastructure in select markets and licenses the right to use these point-to-point fiber optic
telecommunications facilities to its customers pursuant to licensing agreements, typically with terms from five to
twenty-five years, inclusive of certain renewal options. Under these agreements, customers are provided the right
to use a portion of the capacity of a fiber optic network, with the network owned and maintained by Quanta. The
Fiber Optic Licensing segment provides services to enterprise, education, carrier, financial services and
healthcare customers, as well as other entities with high bandwidth telecommunication needs. The
telecommunication services provided through this segment are subject to regulation by the Federal
Communications Commission and certain state public utility commissions.
Acquisitions
During the third and fourth quarters of 2011, Quanta completed five acquisitions of businesses, which
included three electric power infrastructure services companies based in Canada, one electric power
infrastructure services company based in the United States and one natural gas and pipeline infrastructure
services company based in Australia. On October 25, 2010, Quanta acquired Valard Construction LP and certain
of its affiliated entities (Valard), an electric power infrastructure services company based in Alberta, Canada. On
October 1, 2009, Quanta acquired Price Gregory Services, Incorporated (Price Gregory), a natural gas and
pipeline infrastructure services company operating in North America. At various times during 2009, Quanta
acquired three other businesses. The financial results of acquisitions have been included in the consolidated
financial statements as of their respective acquisition dates.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of Consolidation
The consolidated financial statements of Quanta include the accounts of Quanta Services, Inc. and its wholly
owned subsidiaries, which are also referred to as its operating units. The consolidated financial statements also
include the accounts of certain of Quanta’s investments in joint ventures, which are either consolidated or
proportionately consolidated, as discussed in the following summary of significant accounting policies.
Investments in affiliated entities in which Quanta owns more than a 20% interest and do not have a controlling
interest are accounted for using the equity method. All significant intercompany accounts and transactions have
been eliminated in consolidation. Unless the context requires otherwise, references to Quanta include Quanta and
its consolidated subsidiaries.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States requires the use of estimates and assumptions by management in determining the reported amounts
of assets and liabilities, disclosures of contingent assets and liabilities known to exist as of the date the financial
statements are published and the reported amount of revenues and expenses recognized during the periods
presented. Quanta reviews all significant estimates affecting its consolidated financial statements on a recurring
basis and records the effect of any necessary adjustments prior to their publication. Judgments and estimates are
based on Quanta’s beliefs and assumptions derived from information available at the time such judgments and
estimates are made. Uncertainties with respect to such estimates and assumptions are inherent in the preparation
of financial statements. Estimates are primarily used in Quanta’s assessment of the allowance for doubtful
accounts, valuation of inventory, useful lives of assets, fair value assumptions in analyzing goodwill, other
81

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
intangibles and long-lived asset impairments, equity investments, loan receivables, purchase price allocations,
liabilities for self-insured and other claims, multi-employer pension plan withdrawal liabilities, revenue
recognition for construction contracts and fiber optic licensing, share-based compensation, operating results of
reportable segments, as well as the provision (benefit) for income taxes and the calculation of uncertain tax
positions.
Reclassifications
Certain reclassifications have been made in prior years’ segment disclosures to conform to classifications
used in the current year.
Cash and Cash Equivalents
Quanta had cash and cash equivalents of $315.3 million and $539.2 million as of December 31, 2011 and
2010. Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value.
Quanta considers all highly liquid investments purchased with an original maturity of three months or less to be
cash equivalents, which are carried at fair value. At December 31, 2011 and 2010, cash equivalents were $165.9
million and $460.8 million, which consisted primarily of money market mutual funds and investment grade
commercial paper and are discussed further in “Fair Value Measurements” below. As of December 31, 2011 and
2010, cash and cash equivalents held in domestic bank accounts were approximately $230.9 million and $509.6
million and cash and cash equivalents held in foreign bank accounts were approximately $84.4 million and $29.6
million.
Current and Long-Term Accounts and Notes Receivable and Allowance for Doubtful Accounts
Quanta provides an allowance for doubtful accounts when collection of an account or note receivable is
considered doubtful, and receivables are written off against the allowance when deemed uncollectible. Inherent
in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among
others, the customer’s access to capital, the customer’s willingness or ability to pay, general economic and
market conditions and the ongoing relationship with the customer. Quanta considers accounts receivable
delinquent after 30 days but does not generally include delinquent accounts in its analysis of the allowance for
doubtful accounts unless the accounts receivable have been outstanding for at least 90 days. In addition to
balances that have been outstanding for 90 days or more, Quanta also includes accounts receivable balances that
relate to customers in bankruptcy or with other known difficulties in its analysis of the allowance for doubtful
accounts. Under certain circumstances such as foreclosures or negotiated settlements, Quanta may take title to
the underlying assets in lieu of cash in settlement of receivables. Material changes in Quanta’s customers’
business or cash flows, which may be impacted by negative economic and market conditions, could affect its
ability to collect amounts due from them. As of December 31, 2011 and 2010, Quanta had total allowances for
doubtful accounts of approximately $3.8 million and $7.3 million, of which approximately $3.8 million and $6.1
million was included as a reduction of net current accounts receivable. Should customers experience financial
difficulties or file for bankruptcy, or should anticipated recoveries relating to receivables in existing bankruptcies
or other workout situations fail to materialize, Quanta could experience reduced cash flows and losses in excess
of current allowances provided.
The balances billed but not paid by customers pursuant to retainage provisions in certain contracts are
generally due upon completion of the contracts and acceptance by the customer. Based on Quanta’s experience
with similar contracts in recent years, the majority of the retainage balances at each balance sheet date are
expected to be collected within the next twelve months. Current retainage balances as of December 31, 2011 and
2010 were approximately $117.1 million and $119.4 million and are included in accounts receivable. Retainage
82

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
balances with settlement dates beyond the next twelve months are included in other assets, net, and as of
December 31, 2011 and 2010 were $28.3 million and $8.0 million.
Within accounts receivable, Quanta recognizes unbilled receivables in circumstances such as when:
revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a
later date; costs have been incurred but are yet to be billed under cost-reimbursement type contracts; or amounts
arise from routine lags in billing (for example, work completed one month but not billed until the next month).
These balances do not include revenues accrued for work performed under fixed-price contracts as these amounts
are recorded as costs and estimated earnings in excess of billings on uncompleted contracts. At
December 31, 2011 and 2010, the balances of unbilled receivables included in accounts receivable were
approximately $140.8 million and $103.5 million.
Inventories
Inventories consist primarily of parts and supplies held for use in the ordinary course of business, which are
valued by Quanta at the lower of cost or market as determined by using either the first-in, first-out (FIFO)
method or the average costing method. Inventories also include certain job specific materials not yet installed
which are valued using the specific identification method.
Property and Equipment
Property and equipment are stated at cost, and depreciation is computed using the straight-line method, net
of estimated salvage values, over the estimated useful lives of the assets. Leasehold improvements are capitalized
and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Depreciation expense
related to property and equipment was approximately $116.1 million, $107.5 million and $86.9 million for the
years ended December 31, 2011, 2010 and 2009, respectively.
Quanta capitalizes costs associated with internally developed or constructed assets primarily associated with
fiber optic licensing networks and software systems for internal applications. Capitalized costs include external
direct costs of materials and services utilized in developing or obtaining internal-use assets, as well as payroll and
payroll-related expenses for employees who are directly associated with and devote time to placing the assets
into service. Capitalization of such costs is recorded to construction work-in-process beginning when the
preliminary project stage is complete and ceases no later than the point at which the project is substantially
complete and ready for its intended purpose, at which point in time the asset is placed into service. As of
December 31, 2011 and 2010, approximately $14.1 million and $11.3 million related to fiber optic licensing
networks and $8.0 million and $5.5 million associated with internally developed software systems were recorded
in construction work-in-process. These capitalized costs are depreciated on a straight-line basis over the
economic useful life of the asset, beginning when the asset is ready for its intended use. Capitalized costs are
included in property and equipment on the consolidated balance sheets.
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major
renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated
over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment,
the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is
reflected in selling, general and administrative expenses.
Management reviews long-lived assets for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be realizable. If an evaluation is required, fair value would be
determined by estimating the future undiscounted cash flows associated with the asset and comparing it to the
83

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
asset’s carrying amount to determine if an impairment of such asset is necessary. The effect of any impairment
would be to expense the difference between the fair value of such asset and its carrying value in the period
incurred.
During 2010 and 2009, approximately $8.2 million and $7.8 million in net property and equipment was
reclassified to prepaid expenses and other current assets as they were deemed to be assets held for sale. In
conjunction with this assessment, approximately $0.1 million and $4.5 million in net losses from the impairment
of assets held for sale were included in selling, general and administrative expenses in 2010 and 2009. During
2011, there was no property and equipment classified as assets held for sale.
Other Assets, Net
Other assets, net consists primarily of equity investments, debt issuance costs, long term receivables,
non-current inventory, refundable security deposits for leased properties and insurance claims in excess of
deductibles that are due from Quanta’s insurers.
Debt Issuance Costs
Capitalized debt issuance costs related to Quanta’s credit facility and any other debt outstanding at a given
balance sheet date are included in other assets, net and are amortized into interest expense on a straight-line basis
over the terms of the respective agreements giving rise to the debt issuance costs, which Quanta believes
approximates the effective interest rate method. During 2011, Quanta incurred $4.1 million of debt issuance costs
related to the amendment and restatement of its credit facility and recorded a $0.3 million charge to interest
expense for the write-off of a portion of the debt issuance costs related to the prior facility. As of
December 31, 2011 and 2010, capitalized debt issuance costs were $4.4 million and $2.9 million, with
accumulated amortization of $0.4 million and $2.1 million. For the years ended December 31, 2011, 2010 and
2009, amortization expense related to capitalized debt issuance costs was $0.9 million, $0.6 million and $0.9
million, respectively.
Goodwill and Other Intangibles
Quanta has recorded goodwill in connection with its acquisitions. Goodwill is subject to an annual
assessment for impairment using a two-step fair value-based test, which Quanta performs at the operating unit
level. Each of Quanta’s operating units is organized into one of three internal divisions, which are closely aligned
with Quanta’s reportable segments, based on the predominant type of work performed by the operating unit at the
point in time the divisional designation is made. Because separate measures of assets and cash flows are not
produced or utilized by management to evaluate segment performance, Quanta’s impairment assessments of its
goodwill do not include any consideration of assets and cash flows by reportable segment. As a result, Quanta
has determined that its individual operating units represent its reporting units for the purpose of assessing
goodwill impairments.
Quanta’s goodwill impairment assessment is performed annually at year-end, or more frequently if events or
circumstances exist which indicate that goodwill may be impaired. For instance, a decrease in Quanta’s market
capitalization below book value, a significant change in business climate or a loss of a significant customer,
among other things, may trigger the need for interim impairment testing of goodwill associated with one or all of
its reporting units. The first step of the two-step fair value-based test involves comparing the fair value of each of
Quanta’s reporting units with its carrying value, including goodwill. If the carrying value of the reporting unit
exceeds its fair value, the second step is performed. The second step compares the carrying amount of the
84

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
reporting unit’s goodwill to the implied fair value of its goodwill. If the implied fair value of goodwill is less than
the carrying amount, an impairment loss would be recorded as a reduction to goodwill with a corresponding
charge to operating expense.
Quanta determines the fair value of its reporting units using a weighted combination of the discounted cash
flow, market multiple and market capitalization valuation approaches, with heavier weighting on the discounted
cash flow method, as in management’s opinion, this method currently results in the most accurate calculation of a
reporting unit’s fair value. Determining the fair value of a reporting unit requires judgment and the use of
significant estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating
margins, discount rates, weighted average costs of capital and future market conditions, among others. Quanta
believes the estimates and assumptions used in its impairment assessments are reasonable and based on available
market information, but variations in any of the assumptions could result in materially different calculations of
fair value and determinations of whether or not an impairment is indicated.
Under the discounted cash flow method, Quanta determines fair value based on the estimated future cash
flows of each reporting unit, discounted to present value using risk-adjusted industry discount rates, which reflect
the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to
earn. Cash flow projections are derived from budgeted amounts and operating forecasts (typically a two-year
model) plus an estimate of later period cash flows, all of which are evaluated by management. Subsequent period
cash flows are developed for each reporting unit using growth rates that management believes are reasonably
likely to occur along with a terminal value derived from the reporting unit’s earnings before interest, taxes,
depreciation and amortization (EBITDA). The EBITDA multiples for each reporting unit are based on trailing
twelve-month comparable industry data.
Under the market multiple and market capitalization approaches, Quanta determines the estimated fair value
of each of its reporting units by applying transaction multiples to each reporting unit’s projected EBITDA and
then averaging that estimate with similar historical calculations using either a one, two or three year average. For
the market capitalization approach, Quanta adds a reasonable control premium, which is estimated as the
premium that would be received in a sale of the reporting unit in an orderly transaction between market
participants.
The projected cash flows and estimated levels of EBITDA by reporting unit were used to determine fair
value under the three approaches discussed herein. The following table presents the significant estimates used by
management in determining the fair values of Quanta’s reporting units at December 31, 2011, 2010 and 2009:
Operating Units
Providing
Predominantly
Electric Power and
Natural Gas
and Pipeline Services
Operating Units
Providing
Predominantly
Telecommunications
Services
Operating Unit
Providing
Fiber Optic
Licensing
2011 2010 2009 2011 2010 2009 2011 2010 2009
Years of cash flows before terminal
value .......................... 5 5 5 5 5 5 15 15 15
Discount rates ..................... 13% 15% 15% 13% 14%to15% 14%to15% 14% 14% 14%
EBITDA multiples ................. 4.5to8.0 4.5to8.0 5.0to7.5 4.5to5.5 4.5to5.5 3.5to5.5 9.5 9.5 9.5
Weighting of three approaches:
Discounted cash flows .............. 70% 70% 70% 70% 70% 70% 90% 90% 90%
Market multiple ................... 15% 15% 15% 15% 15% 15% 5% 5% 5%
Market capitalization ............... 15% 15% 15% 15% 15% 15% 5% 5% 5%
For recently acquired reporting units, a step one impairment test may indicate an implied fair value that is
substantially similar to the reporting unit’s carrying value. Such similarities in value are generally an indication
85

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
that management’s estimates of future cash flows associated with the recently acquired reporting unit remain
relatively consistent with the assumptions that were used to derive its initial fair value. During the fourth quarter
of 2011, a goodwill impairment analysis was performed for each of Quanta’s reporting units, which indicated
that the implied fair value of each of Quanta’s reporting units was substantially in excess of their carrying value
other than those recently acquired reporting units. Following the analysis, management concluded that no
impairment was indicated at any reporting unit. As discussed generally above, when evaluating the 2011 step one
impairment test results, management considered many factors in determining whether or not an impairment of
goodwill for any reporting unit was reasonably likely to occur in future periods, including future market
conditions and the economic environment in which Quanta’s reporting units were operating. Additionally,
management considered the sensitivity of its fair value estimates to changes in certain valuation assumptions, and
after giving consideration to at least a 10% decrease in the fair value of each of Quanta’s reporting units, the
results of the assessment at December 31, 2011 did not change. However, circumstances such as market declines,
unfavorable economic conditions, the loss of a major customer or other factors could impact the valuation of
goodwill in future periods.
The goodwill analysis performed for each reporting unit was based on estimates and industry comparables
obtained from the electric power, natural gas and pipeline, telecommunications and fiber optic licensing
industries, and no impairment was indicated. The 15-year discounted cash flow model used for fiber optic
licensing is based on the long-term nature of the underlying fiber optic network licensing agreements.
Quanta assigned a higher weighting to the discounted cash flow approach in all periods to reflect increased
expectations of market value being determined from a “held and used” model. Discount rates for the 2011
analysis were decreased for the reporting units providing predominately electric power, natural gas and pipeline
and telecommunications infrastructure services due to generally more favorable market conditions for these
reporting units in 2011 as compared to 2010. At December 31, 2010, certain EBITDA multiples were increased
slightly from 2009 multiples to reflect more favorable market conditions as the effects of the economic recession
had lessened.
Quanta’s intangible assets include customer relationships, backlog, trade names, non-compete agreements,
patented rights and developed technology and software, all subject to amortization, along with other intangible
assets not subject to amortization. The value of customer relationships is estimated as of the date a business is
acquired using the value-in-use concept utilizing the income approach, specifically the excess earnings method.
The excess earnings analysis consists of discounting to present value the projected cash flows attributable to the
customer relationships, with consideration given to customer contract renewals, the importance or lack thereof of
existing customer relationships to Quanta’s business plan, income taxes and required rates of return. Quanta
values backlog for acquired businesses as of the acquisition date based upon the contractual nature of the backlog
within each service line, using the income approach to discount back to present value the cash flows attributable
to the backlog. The value of trade names is estimated using the relief-from-royalty method of the income
approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay
a royalty in order to exploit the related benefits of this intangible asset.
Quanta amortizes intangible assets based upon the estimated consumption of the economic benefits of each
intangible asset, or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be
reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for
recoverability whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For instance, a significant change in business climate or a loss of a significant customer, among
other things, may trigger the need for interim impairment testing of intangible assets. An impairment loss would
be recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its
fair value.
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Investments in Affiliates and Other Entities
In the normal course of business, Quanta enters into various types of investment arrangements, each having
unique terms and conditions. These investments may include equity interests held by Quanta in business entities,
including general or limited partnerships, contractual joint ventures, or other forms of equity participation. These
investments may also include Quanta’s participation in different finance structures such as the extension of loans
to project specific entities, the acquisition of convertible notes issued by project specific entities, or other
strategic financing arrangements. Quanta determines whether such investments involve a variable interest entity
(VIE) based on the characteristics of the subject entity. If the entity is determined to be a VIE, then management
determines if Quanta is the primary beneficiary of the entity and whether or not consolidation of the VIE is
required. The primary beneficiary consolidating the VIE must normally meet both of the following
characteristics: (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic
performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, in
either case that could potentially be significant to the VIE. When Quanta is deemed to be the primary beneficiary,
the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a noncontrolling
interest. In cases where Quanta determines that it has an undivided interest in the assets, liabilities, revenues and
profits of an unincorporated VIE (e.g., a general partnership interest), such amounts are consolidated on a basis
proportional to Quanta’s ownership interest in the unincorporated entity.
Investments in minority interests in entities of which Quanta is not the primary beneficiary, but over which
Quanta has the ability to exercise significant influence, are accounted for using the equity method of accounting.
Quanta’s share of net income or losses from unconsolidated equity investments is included in other income
(expense) in the consolidated statements of operations. Equity investments are reviewed for impairment by
assessing whether any decline in the fair value of the investment below the carrying value is other than
temporary. In making this determination, factors such as the ability to recover the carrying amount of the
investment and the inability of the investee to sustain an earnings capacity are evaluated in determining whether
a loss in value should be recognized. Any impairment losses would be recognized in other expense. Equity
method investments are carried at original cost and are included in other assets, net in the consolidated balance
sheet and are adjusted for Quanta’s proportionate share of the investees’ income, losses and distributions.
In 2011, Quanta acquired an equity ownership interest of approximately 39% in Howard Midstream Energy
Partners, LLC (HEP) for an initial capital contribution of $35.0 million. HEP is engaged in the business of
owning, operating and constructing midstream plant and pipeline assets in the natural gas and oil industry. HEP
commenced operations in June 2011 with the acquisitions of Texas Pipeline LLC, a pipeline operator in the
Eagle Ford shale region of South Texas, and Bottom Line Services, LLC, a construction services company.
Quanta accounts for this investment using the equity method of accounting.
During the third quarter of 2011, Quanta loaned $4.0 million to the indirect parent of NJ Oak Solar, LLC
(NJ Oak Solar). The loan proceeds, together with NJ Oak Solar’s other financing and equity funds, were used for
their construction of a 10 MW solar power generation facility in New Jersey. The construction of the facility,
which began in the second quarter of 2011, is being performed by Quanta and was substantially complete at the
end of 2011.
Revenue Recognition
Infrastructure Services—Through its Electric Power Infrastructure Services, Natural Gas and Pipeline
Infrastructure Services and Telecommunications Infrastructure Services segments, Quanta designs, installs and
maintains networks for customers in the electric power, natural gas, oil and telecommunications industries. These
services may be provided pursuant to master service agreements, repair and maintenance contracts and fixed
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price and non-fixed price installation contracts. Pricing under these contracts may be competitive unit price, costplus/hourly
(or time and materials basis) or fixed price (or lump sum basis), and the final terms and prices of
these contracts are frequently negotiated with the customer. Under unit-based contracts, the utilization of an
output-based measurement is appropriate for revenue recognition. Under these contracts, Quanta recognizes
revenue as units are completed based on pricing established between Quanta and the customer for each unit of
delivery, which best reflects the pattern in which the obligation to the customer is fulfilled. Under cost-plus/
hourly and time and materials type contracts, Quanta recognizes revenue on an input basis, as labor hours are
incurred and services are performed.
Revenues from fixed price contracts are recognized using the percentage-of-completion method, measured
by the percentage of costs incurred to date to total estimated costs for each contract. These contracts provide for a
fixed amount of revenues for the entire project. Such contracts provide that the customer accept completion of
progress to date and compensate Quanta for services rendered, which may be measured in terms of units
installed, hours expended or some other measure of progress. Contract costs include all direct materials, labor
and subcontract costs and those indirect costs related to contract performance, such as indirect labor, supplies,
tools, repairs and depreciation costs. Much of the materials associated with Quanta’s work are owner-furnished
and are therefore not included in contract revenues and costs. The cost estimation process is based on the
professional knowledge and experience of Quanta’s engineers, project managers and financial professionals.
Changes in job performance, job conditions and final contract settlements are factors that influence
management’s assessment of total contract value and the total estimated costs to complete those contracts and
therefore Quanta’s profit recognition. Changes in these factors may result in revisions to costs and income, and
their effects are recognized in the period in which the revisions are determined. Provisions for losses on
uncompleted contracts are made in the period in which such losses are determined to be probable and the amount
can be reasonably estimated.
Quanta may incur costs subject to change orders, whether approved or unapproved by the customer, and/or
claims related to certain contracts. Quanta determines the probability that such costs will be recovered based
upon evidence such as past practices with the customer, specific discussions or preliminary negotiations with the
customer or verbal approvals. Quanta treats items as a cost of contract performance in the period incurred if it is
not probable that the costs will be recovered or will recognize revenue if it is probable that the contract price will
be adjusted and can be reliably estimated. As of December 31, 2011 and 2010, Quanta had approximately $77.3
million and $83.1 million of change orders and/or claims that had been included as contract price adjustments on
certain contracts which were in the process of being negotiated in the normal course of business.
The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents
revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess
of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized
for fixed price contracts.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Fiber Optic Licensing — The Fiber Optic Licensing segment constructs and licenses the right to use fiber
optic telecommunications facilities to its customers pursuant to licensing agreements, typically with terms of five
to twenty-five years, inclusive of certain renewal options. Under those agreements, customers are provided the
right to use a portion of the capacity of a fiber optic facility, with the facility owned and maintained by Quanta.
Revenues, including any initial fees or advance billings, are recognized ratably over the expected length of the
agreements, including probable renewal periods. As of December 31, 2011 and 2010, initial fees and advance
billings on these licensing agreements not yet recorded in revenue were $47.4 million and $44.4 million and are
recognized as deferred revenue, with $38.3 million and $34.7 million considered to be long-term and included in
other non-current liabilities. Minimum future licensing revenues expected to be recognized by Quanta pursuant
to these agreements at December 31, 2011 are as follows (in thousands):
Minimum
Future
Licensing
Revenues
Year Ending December 31 —
2012 .................................................................... $ 83,937
2013 .................................................................... 65,832
2014 .................................................................... 47,889
2015 .................................................................... 27,394
2016 .................................................................... 19,368
Thereafter ................................................................ 118,158
Fixed non-cancelable minimum licensing revenues ............................... $362,578
Income Taxes
Quanta follows the liability method of accounting for income taxes. Under this method, deferred tax assets
and liabilities are recorded for future tax consequences of temporary differences between the financial reporting
and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to
be in effect when the underlying assets or liabilities are recovered or settled.
Quanta regularly evaluates valuation allowances established for deferred tax assets for which future
realization is uncertain. The estimation of required valuation allowances includes estimates of future taxable
income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
during the periods in which those temporary differences become deductible. Quanta considers projected future
taxable income and tax planning strategies in making this assessment. If actual future taxable income differs
from these estimates, Quanta may not realize deferred tax assets to the extent estimated.
Quanta records reserves for income taxes related to certain tax positions in those instances where Quanta
considers it more likely than not that additional taxes may be due in excess of amounts reflected on income tax
returns filed. When recording reserves for expected tax consequences of uncertain positions, Quanta assumes that
taxing authorities have full knowledge of the position and all relevant facts. Quanta continually reviews exposure
to additional tax obligations and as further information is known or events occur, changes in tax reserves may be
recorded. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of
income tax, such amounts have been accrued and are classified in the provision for income taxes.
The income tax laws and regulations are voluminous and often ambiguous. As such, Quanta is required to
make many subjective assumptions and judgments regarding its tax positions that could materially affect
amounts recognized in its future consolidated balance sheets and statements of operations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Collective Bargaining Agreements
Certain of Quanta’s subsidiaries are parties to various collective bargaining agreements with certain of their
employees. The agreements require such subsidiaries to pay specified wages, provide certain benefits to their
union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts.
Quanta’s multi-employer pension plan contribution rates generally are specified in the collective bargaining
agreements and contributions are made to the plans on a “pay-as-you-go” basis based on its union employee
payrolls. The collective bargaining agreements expire at various times and have typically been renegotiated and
renewed on terms similar to those in the expiring agreements.
Stock-Based Compensation
Quanta recognizes compensation expense for all stock-based compensation based on the fair value of the
awards granted, net of estimated forfeitures, at the date of grant. The fair value of restricted stock awards is
determined based on the number of shares granted and the closing price of Quanta’s common stock on the date of
grant. An estimate of future forfeitures is required in determining the period expense. Quanta uses historical data
to estimate the forfeiture rate; however, these estimates are subject to change and may impact the value that will
ultimately be realized as compensation expense. The resulting compensation expense from discretionary awards
is recognized on a straight-line basis over the requisite service period, which is generally the vesting period,
while compensation expense from performance based awards is recognized using the graded vesting method over
the requisite service period. The cash flows resulting from the tax deductions in excess of the compensation
expense recognized for restricted stock and stock options (excess tax benefit) are classified as financing cash
flows.
Functional Currency and Translation of Financial Statements
The U.S. dollar is the functional currency for the majority of Quanta’s operations, which are primarily
located within the United States. The functional currency for Quanta’s foreign operations, which are primarily
located in Canada, is typically the currency of the country in which the foreign operating unit is located.
Generally, the currency in which the operating unit transacts the majority of its activities, including billings,
financing, payroll and other expenditures, would be considered the functional currency. Under the relevant
accounting guidance, the treatment of foreign currency translation gains or losses is dependent upon
management’s determination of the functional currency of each operating unit, which involves consideration of
all relevant economic facts and circumstances affecting the operating unit. In preparing the consolidated financial
statements, Quanta translates the financial statements of its foreign operating units from their functional currency
into U.S. dollars. Statements of operations and cash flows are translated at average monthly rates, while balance
sheets are translated at the month-end exchange rates. The translation of the balance sheets at the month-end
exchange rates results in translation gains or losses. If transactions are denominated in the operating units’
functional currency, the translation gains and losses are included as a separate component of equity under the
caption “Accumulated other comprehensive income (loss).” If transactions are not denominated in the operating
units’ functional currency, the translation gains and losses are included within the statement of operations.
Derivatives
From time to time, Quanta enters into forward currency contracts that qualify as derivatives in order to
hedge the risks associated with fluctuations in foreign currency exchange rates related to certain forecasted
foreign currency denominated transactions. Quanta does not enter into derivative transactions for speculative
purposes; however, for accounting purposes, certain transactions may not meet the criteria for cash flow hedge
accounting. For a hedge to qualify for cash flow hedge accounting treatment, a hedge must be documented at the
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inception of the contract, with the objective and strategy stated, along with an explicit description of the
methodology used to assess hedge effectiveness. The dates (or periods) for the expected forecasted events and the
nature of the exposure involved (including quantitative measures of the size of the exposure) must also be
documented. At the inception of the hedge and on an ongoing basis, the hedge must be deemed to be “highly
effective” at minimizing the risk of the identified exposure. Effectiveness measures relate the gains or losses of
the derivative to changes in the cash flows associated with the hedged item, and the forecasted transaction must
be probable of occurring.
For forward contracts that qualify as cash flow hedges, Quanta accounts for the change in fair value of the
forward contracts directly in equity as part of accumulated other comprehensive income (loss). Any ineffective
portion of cash flow hedges is recognized in earnings in the period in which ineffectiveness occurs. For instance,
if a forward contract is discontinued as a cash flow hedge because it is probable that the original forecasted
transaction will not occur by the end of the originally specified time period, the related amounts in accumulated
other comprehensive income (loss) would be reclassified to other income (expense) in the consolidated statement
of operations in the period such determination is made. When a forecasted transaction occurs, the portion of the
accumulated gain or loss applicable to the forecasted transaction is reclassified from equity to earnings. Changes
in fair value related to transactions that do not meet the criteria for cash flow hedge accounting are recorded in
the consolidated results of operations and are included in other income (expense).
Comprehensive Income
Comprehensive income includes all changes in equity during a period except those resulting from
investments by and distributions to stockholders. Quanta records other comprehensive income (loss), net of tax,
for foreign currency translation adjustments related to its foreign operations and changes in fair value of Quanta’s
derivative contracts that were classified as cash flow hedges, as applicable.
Litigation Costs and Reserves
Quanta records reserves when it is probable that a liability has been incurred and the amount of loss can be
reasonably estimated. Costs incurred for litigation are expensed as incurred. Further details are presented in
Note 14.
Fair Value Measurements
The carrying values of cash equivalents, accounts receivable, accounts payable and accrued expenses
approximate fair value due to the short-term nature of those instruments. For disclosure purposes, qualifying
assets and liabilities are categorized into three broad levels based on the priority of the inputs used to determine
their fair values. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active
markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). All of
Quanta’s cash equivalents are categorized as Level 1 assets at December 31, 2011 and 2010, as all values are
based on unadjusted quoted prices for identical assets in an active market that Quanta has the ability to access.
In connection with Quanta’s acquisitions, identifiable intangible assets acquired include goodwill, backlog,
customer relationships, trade names, covenants not to compete and software. Quanta utilizes the fair value
premise as the primary basis for its valuation procedures, which is a market-based approach to determining the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants. Quanta periodically engages the services of an independent valuation firm when a new business is
acquired to assist management with this valuation process, which includes assistance with the selection of
appropriate valuation methodologies and the development of market-based valuation assumptions. Based on
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
these considerations, management utilizes various valuation methods, including an income approach, a market
approach and a cost approach, to determine the fair value of intangible assets acquired based on the
appropriateness of each method in relation to the type of asset being valued. The assumptions used in these
valuation methods are analyzed and compared, where possible, to available market data, such as industry-based
weighted average costs of capital and discount rates, trade name royalty rates, public company valuation
multiples and recent market acquisition multiples. The level of inputs used for these fair value measurements is
the lowest level (Level 3). Quanta believes that these valuation methods appropriately represent the methods that
would be used by other market participants in determining fair value.
Quanta uses fair value measurements on a routine basis in its assessment of assets classified as goodwill,
other intangible assets and long-lived assets held and used. In accordance with its annual impairment test during
the quarter ended December 31, 2011, the carrying amounts of such assets, including goodwill, were compared to
their fair values. The inputs used for fair value measurements for goodwill, other intangible assets and long-lived
assets held and used are the lowest level (Level 3) inputs for which Quanta uses the assistance of third party
specialists to develop valuation assumptions.
Quanta also uses fair value measurements in connection with the valuation of its investments in private
company equity interests and financing instruments. These valuations require significant management judgment
due to the absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets.
Typically, the initial costs of these investments are considered to represent fair market value, as such amounts are
negotiated between willing market participants. On a quarterly basis, Quanta performs an evaluation of its
investments to determine if an other-than-temporary decline in the value of each investment has occurred
and whether the recorded amount of each investment will be realizable. If an other-than-temporary decline in the
value of an investment occurs, a fair value analysis would be performed to determine the degree to which the
investment was impaired and a corresponding charge to earnings would be recorded during the period. These
types of fair market value assessments are similar to other fair value measures used by Quanta, which include the
use of significant judgment and available relevant market data. Such market data may include observations of the
valuation of comparable companies, risk adjusted discount rates and an evaluation of the expected performance
of the underlying portfolio asset, including historical and projected levels of profitability or cash flows. In
addition, a variety of additional factors will be reviewed by management, including, but not limited to,
contemporaneous financing and sales transactions with third parties, changes in market outlook and the thirdparty
financing environment.
3. NEW ACCOUNTING PRONOUNCEMENTS:
Adoption of New Accounting Pronouncements
During the quarter ended December 31, 2011, Quanta adopted Accounting Standards Update (ASU) 2011-
09, “Compensation — Retirement Benefits — Multiemployer Plans (Subtopic 715-80): Disclosures about an
Employer’s Participation in a Multiemployer Plan” (ASU 2011-09). This guidance requires employers to make
various disclosures for each individually significant multiemployer plan that provides pension benefits to its
employees. Generally, an employer must disclose the employer’s contributions to the plan during the period and
provide a description of the nature and effect of any significant changes that affect comparability of total
employer contributions from period to period. Additionally, the employer is required to provide a description of
the nature of the plan benefits, a qualitative description of the extent to which the employer could be responsible
for the obligations of the plan and other quantitative information, to the extent available, as of the most recent
date available, to help users understand the financial information for each significant plan. An employer should
also provide disclosures for total contributions made to all plans that are not individually significant and total
contributions made to all plans. If certain quantitative information cannot be obtained without undue cost and
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
effort, that quantitative information may be omitted, although the employer should describe what information has
been omitted and why. The required disclosures must be provided retrospectively for all prior periods presented.
The adoption of ASU 2011-09 did not have a material impact on Quanta’s consolidated financial position, results
of operations or cash flows but did impact the disclosures in the notes to its consolidated financial statements.
See Note 12 for the disclosures related to Quanta’s participation in multi-employer plans.
In May 2011, the Financial Accounting Standards Board (FASB) issued ASU 2011-04, “Fair Value
Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs” (ASU 2011-04), which is effective for annual reporting periods
beginning after December 15, 2011. This guidance amends certain accounting and disclosure requirements
related to fair value measurements. Additional disclosure requirements in the update include: (1) for Level 3 fair
value measurements, quantitative information about unobservable inputs used, a description of the valuation
processes used by the entity, and a qualitative discussion about the sensitivity of the measurements to changes in
the unobservable inputs; (2) for an entity’s use of a nonfinancial asset that is different from the asset’s highest
and best use, the reason for the difference; (3) for financial instruments not measured at fair value but for which
disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were
determined; and (4) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy.
Quanta adopted ASU 2011-04 on January 1, 2012. Quanta does not anticipate that ASU 2011-04 will have a
material impact on its consolidated financial statements but will consider whether any additional disclosures are
necessary.
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of
Comprehensive Income” (ASU 2011-05), which is effective for annual reporting periods beginning after
December 15, 2011. Accordingly, Quanta adopted ASU 2011-05 on January 1, 2012. This guidance eliminates
the option to present the components of other comprehensive income as part of the statement of changes in
stockholders’ equity. This guidance is intended to increase the prominence of other comprehensive income in
financial statements by requiring that such amounts be presented either in a single continuous statement of
income and comprehensive income or separately in consecutive statements of income and comprehensive
income. The adoption of ASU 2011-05 is not expected to have a material impact on Quanta’s disclosures.
Accounting Standards Not Yet Adopted
In September 2011, the FASB issued ASU 2011-08, “Intangibles — Goodwill and Other (Topic 350):
Testing Goodwill for Impairment (the revised standard)” (ASU 2011-08), which is effective for annual and
interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. This guidance
gives entities the option to first assess qualitative factors to determine whether it is necessary to perform the
current two-step goodwill impairment test. If an entity believes that, as a result of its qualitative assessment, it is
more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative
impairment test is required. Otherwise, no further testing is required. An entity can choose to perform the
qualitative assessment on none, some or all of its reporting units. An entity can also bypass the qualitative
assessment for any reporting unit in any period and proceed directly to step one of the impairment test, and then
resume performing the qualitative assessment in any subsequent period. ASU 2011-08 also includes new
qualitative indicators that replace those currently used to determine whether an interim goodwill impairment test
is required to be performed. The adoption of ASU 2011-08 is not expected to have a material impact on Quanta’s
financial position, results of operations or cash flows.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
4. ACQUISITIONS:
2011 Acquisitions
On October 5, 2011, Quanta acquired Utilimap Corporation (Utilimap), which provides geographic
information system (GIS) utility asset management and engineering services to the electric utility industry. The
aggregate consideration paid for Utilimap consisted of approximately $24.5 million in cash, 553,526 shares of
Quanta common stock valued at approximately $9.7 million and the repayment of $0.8 million in debt. As this
transaction was effective October 5, 2011, the results of Utilimap have been included in Quanta’s consolidated
financial statements beginning on such date. This acquisition enables Quanta to further enhance its Electric
Power Infrastructure Services segment offerings. Utilimap’s financial results will generally be included in
Quanta’s Electric Power Infrastructure Services segment.
On August 11, 2011, Quanta acquired Coe Drilling Pty. Ltd. (Coe), a horizontal directional drilling
company based in Brisbane, Australia. The aggregate consideration paid for Coe consisted of approximately
$10.5 million in cash, 396,643 shares of Quanta common stock valued at approximately $6.3 million and the
repayment of $1.8 million in debt. As this transaction was effective August 11, 2011, the results of Coe have
been included in the consolidated financial statements beginning on such date. This acquisition allows Quanta to
further expand its capabilities and scope of services internationally. Coe’s financial results will generally be
included in Quanta’s Natural Gas and Pipeline Infrastructure Services segment.
On August 5, 2011, Quanta acquired McGregor Construction 2000 Ltd. and certain of its affiliated entities
(McGregor), an electric power infrastructure services company based in Alberta, Canada. The aggregate
consideration paid for McGregor consisted of approximately $38.6 million in cash, 898,440 shares of Quanta
common stock valued at approximately $14.6 million and the repayment of $0.8 million in debt. As this
transaction was effective August 5, 2011, the results of McGregor have been included in the consolidated
financial statements beginning on such date. This acquisition allows Quanta to further expand its capabilities and
scope of services in Canada. McGregor’s financial results will generally be included in Quanta’s Electric Power
Infrastructure Services segment.
In the third quarter of 2011, Quanta acquired two businesses based in British Columbia, Canada that
predominantly provide electric power infrastructure services, which have been reflected in Quanta’s consolidated
financial statements as of their respective acquisition dates. In connection with these acquisitions, Quanta paid
the former owners of the businesses an aggregate of approximately $7.3 million in cash and issued an aggregate
of 91,204 shares of Quanta common stock valued at approximately $1.7 million. These acquisitions allow Quanta
to further expand its capabilities and scope of services in Canada. The financial results of these two businesses
will generally be included in Quanta’s Electric Power Infrastructure Services segment.
2010 Acquisition
On October 25, 2010, Quanta acquired Valard. In connection with the acquisition, Quanta paid the former
owners of Valard approximately $118.9 million in cash and issued 623,720 shares of Quanta common stock
and 3,909,110 exchangeable shares of a Canadian subsidiary of Quanta. In addition, Quanta issued one share of
Quanta Series F preferred stock to a voting trust on behalf of the holders of the exchangeable shares. The Series F
preferred stock provides the holders of exchangeable shares with voting rights in Quanta common stock
equivalent to the number of exchangeable shares outstanding at any time. The aggregate value of the common
stock and exchangeable shares issued was approximately $83.4 million. The exchangeable shares are
substantially equivalent to, and exchangeable on a one-for-one basis for, Quanta common stock. As part of the
consideration paid for Valard, Quanta also repaid $12.8 million in Valard debt at the closing of the acquisition.
As this transaction was effective October 25, 2010, the results of Valard have been included in the consolidated
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financial statements beginning on such date. This acquisition allows Quanta to further expand its capabilities and
scope of services in Canada. Valard’s financial results are generally included in Quanta’s Electric Power
Infrastructure Services segment.
2009 Acquisitions
On October 1, 2009, Quanta acquired Price Gregory in exchange for the issuance of approximately
10.9 million shares of Quanta common stock valued at approximately $231.8 million on the date of closing and
the payment of approximately $95.8 million in cash. In connection with the acquisition, $0.5 million in cash and
approximately 1.5 million shares of Quanta common stock, valued at approximately $32.5 million, were placed
into an escrow account, which was maintained until April 1, 2011 for the settlement of any claims asserted by
Quanta against the former stockholders of Price Gregory. Price Gregory provides natural gas and oil transmission
pipeline infrastructure services in North America and expands Quanta’s service capabilities in this market. Price
Gregory’s results of operations have been included in Quanta’s consolidated results of operations since
October 1, 2009.
Also in 2009, Quanta completed three other acquisitions of specialty contractors with operations in the
electric power, natural gas and pipeline and telecommunications industries for an aggregate purchase price of
approximately $36.0 million, consisting of a total of approximately $25.3 million in cash and approximately
0.5 million shares of Quanta common stock valued in the aggregate at approximately $10.7 million as of the
dates of acquisition. These acquisitions enhance Quanta’s electric power, natural gas and pipeline and
telecommunications capabilities throughout various regions of the United States and Western Canada.
The following table summarizes the aggregate consideration paid for the 2011 and 2010 acquisitions and
presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their
estimated fair values as of the respective acquisition dates. This allocation requires the significant use of
estimates and is based on information that was available to management at the time these consolidated financial
statements were prepared (in thousands).
2011 2010
All Acquisitions Valard
Consideration:
Value of Quanta common stock issued ..................................... $ 32,368 $ 11,470
Value of exchangeable shares issued ....................................... — 71,885
Cash paid ............................................................ 84,208 131,651
Fair value of total consideration transferred .................................. $116,576 $215,006
Current assets ......................................................... $ 30,198 $ 75,296
Property and equipment ................................................. 19,878 29,307
Other assets ........................................................... 379 —
Identifiable intangible assets ............................................. 40,229 46,224
Current liabilities ...................................................... (10,226) (26,633)
Deferred tax liabilities, net ............................................... (7,190) (18,553)
Other long-term liabilities ............................................... (450) —
Total identifiable net assets .............................................. 72,818 105,641
Goodwill ............................................................. 43,758 109,365
$116,576 $215,006
The fair value of current assets acquired in 2011 includes accounts receivable with a fair value of $16.1
million. The fair value of current assets acquired in 2010 included accounts receivable with a fair value of $68.0
million.
95

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Goodwill represents the excess of the purchase price over the net amount of the fair values assigned to
assets acquired and liabilities assumed. The 2011 and 2010 acquisitions strategically expand Quanta’s Canadian
service offering, add an Australian service offering and enhance its domestic electric power infrastructure service
offerings, which Quanta believes contributes to the recognition of the goodwill. In connection with the 2011
acquisitions, goodwill of $34.9 million was recorded for reporting units included within Quanta’s electric power
division and $8.9 million was recorded for the reporting unit included within Quanta’s natural gas and pipeline
division at December 31, 2011. In connection with the 2010 acquisition, goodwill of $109.4 million was recorded
and included within Quanta’s electric power division at December 31, 2010. None of this goodwill is expected to
be deductible for income tax purposes other than $13.1 million recorded in 2011.
The following unaudited supplemental pro forma results of operations have been provided for illustrative
purposes only and do not purport to be indicative of the actual results that would have been achieved by the
combined companies for the periods presented or that may be achieved by the combined companies in the future.
Future results may vary significantly from the results reflected in the following pro forma financial information
because of future events and transactions, as well as other factors (in thousands, except per share amounts):
2011
Year Ended December 31,
2010 2009
Revenues ....................................... $4,700,382 $4,212,447 $4,717,882
Gross profit ..................................... $ 645,477 $ 701,314 $ 914,737
Selling, general and administrative expenses ........... $ 381,290 $ 367,373 $ 379,210
Amortization of intangible assets .................... $ 34,253 $ 55,756 $ 55,532
Net income attributable to common stock .............
Earnings per share attributable to common stock:
$ 141,123 $ 167,361 $ 304,304
Basic .......................................... $ 0.66 $ 0.78 $ 1.43
Diluted ......................................... $ 0.66 $ 0.77 $ 1.41
The pro forma combined results of operations for the years ended December 31, 2011 and 2010 have been
prepared by adjusting the historical results of Quanta to include the historical results of the 2011 acquisitions as if
they occurred January 1, 2010. The pro forma combined results of operations for the year ended
December 31, 2010 have also been prepared by adjusting the historical results of Quanta to include the historical
results of the 2010 acquisition as if it occurred January 1, 2009. The pro forma combined results of operations for
the year ended December 31, 2009 have been prepared by adjusting the historical results of Quanta to include the
historical results of the 2010 acquisition as if it occurred January 1, 2009 and the historical results of the 2009
acquisitions as if they all occurred January 1, 2008. These pro forma combined historical results were then
adjusted for the following: a reduction of interest expense and interest income as a result of the repayment of
outstanding indebtedness and the retirement of preferred stock, a reduction of interest income as a result of the
cash consideration paid, an increase in amortization expense due to the incremental intangible assets recorded
related to the 2011, 2010 and 2009 acquisitions, an increase in depreciation expense within cost of services
related to the net impact of adjusting acquired property and equipment to the acquisition date fair value and
conforming depreciable lives with Quanta’s accounting policies, an increase in the number of outstanding shares
of Quanta common stock and certain reclassifications to conform the acquired companies’ presentation to
Quanta’s accounting policies. The pro forma results of operations do not include any adjustments to eliminate the
impact of acquisition related costs or any cost savings or other synergies that may result from the 2011, 2010 and
2009 acquisitions. As noted above, the pro forma results of operations do not purport to be indicative of the
actual results that would have been achieved by the combined company for the periods presented or that may be
achieved by the combined company in the future.
96

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Revenues of approximately $43.8 million and income before income taxes of approximately $4.4 million
are included in Quanta’s consolidated results of operations for the year ended December 31, 2011 related to the
five 2011 acquisitions following their respective dates of acquisition. Revenues of $25.7 million and income
before income taxes of $3.4 million following Valard’s date of acquisition on October 25, 2010 are included in
Quanta’s consolidated results of operations for the year ended December 31, 2010. Revenues of $260.3 million
and income before income taxes of $37.8 million related to the four 2009 acquisitions following their respective
dates of acquisition are included in Quanta’s consolidated results of operations for the year ended December 31,
2009.
5. GOODWILL AND OTHER INTANGIBLE ASSETS:
A summary of changes in Quanta’s goodwill is as follows (in thousands):
Electric Power
Division
Natural Gas and
Pipeline
Division
Telecommunications
Division Total
Balance at December 31, 2009:
Goodwill .................. $651,815 $ 337,938 $523,069 $1,512,822
Accumulated impairment ...... — — (63,264) (63,264)
Goodwill, net ................. 651,815 337,938 459,805 1,449,558
Goodwill acquired during 2010 . . . 109,365 — — 109,365
Foreign currency translation
related to goodwill ........... 2,274 — — 2,274
Operating unit reorganization .... (22,163) — 22,163 —
Purchase price adjustments related
to prior periods .............. (15) (27) — (42)
Balance at December 31, 2010:
Goodwill .................. 741,276 337,911 545,232 1,624,419
Accumulated impairment ...... — — (63,264) (63,264)
Goodwill, net ................. 741,276 337,911 481,968 1,561,155
Goodwill acquired during 2011 . . . 34,900 8,858 — 43,758
Foreign currency translation
related to goodwill ........... (3,564) (78) — (3,642)
Operating unit reorganizations .... 216,090 (233,032) 16,942 —
Purchase price adjustments related
to prior periods .............. — (61) — (61)
Balance at December 31, 2011:
Goodwill .................. 988,702 113,598 562,174 1,664,474
Accumulated impairment ...... — — (63,264) (63,264)
Goodwill, net ............... $988,702 $ 113,598 $498,910 $1,601,210
As described in Note 2, Quanta’s operating units are organized into one of Quanta’s three internal divisions
and accordingly, Quanta’s goodwill associated with each of its operating units has been aggregated on a
divisional basis and reported in the table above. These divisions are closely aligned with Quanta’s reportable
segments based on the predominant type of work performed by the operating units within the divisions. On
occasion, operating units may be reorganized among Quanta’s internal divisions. The table above presents these
changes as reclassifications during the period in which the reorganization occurred.
97

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Activity in Quanta’s intangible assets consists of the following (in thousands):
As of
December 31, 2010
Intangible
Assets
Twelve Months Ended
December 31, 2011
Accumulated
Amortization Amortization
Expense Additions
Foreign
Currency
Translation
As of
December 31, 2011
Intangible
Assets, Net
Remaining
Weighted
Average
Amortization
Period in
Years
Customer
relationships ..... $153,100 $ (27,880) $(10,565) $20,144 $(1,064) $133,735 12.0
Backlog ........... 108,421 (88,429) (12,723) 13,918 (561) 20,626 2.3
Trade names ....... 27,249 (1,005) (943) 2,594 (182) 27,713 28.0
Non-compete
agreements ....... 23,954 (13,164) (4,441) 3,728 (267) 9,810 3.2
Patented rights and
developed
technology ....... 16,078 (4,257) (1,266) — — 10,555 8.8
Software .......... — — (15) 300 — 285 4.8
Total intangible assets
subject to
amortization ..... 328,802 (134,735) (29,953) 40,684 (2,074) 202,724 12.6
Other intangible
assets not subject to
amortization ..... — — — 4,500 — 4,500 N/A
Total intangible
assets ............. $328,802 $(134,735) $(29,953) $45,184 $(2,074) $207,224 N/A
Amortization expense for intangible assets was $30.0 million, $38.6 million and $39.0 million for the years
ended December 31, 2011, 2010 and 2009, respectively. The estimated future aggregate amortization expense of
intangible assets as of December 31, 2011 is set forth below (in thousands):
For the Fiscal Year Ending December 31,
2012 .................................................................... $ 32,264
2013 .................................................................... 18,936
2014 .................................................................... 16,980
2015 .................................................................... 14,849
2016 .................................................................... 13,370
Thereafter ................................................................ 106,325
Total .................................................................. $202,724
98

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
6. PER SHARE INFORMATION:
Basic earnings per share is computed using the weighted average number of common shares outstanding
during the period, and diluted earnings per share is computed using the weighted average number of common
shares outstanding during the period adjusted for all potentially dilutive common stock equivalents, except in
cases where the effect of the common stock equivalent would be antidilutive. The amounts used to compute the
basic and diluted earnings per share for the years ended December 31, 2011, 2010 and 2009 are illustrated below
(in thousands):
Year Ended December 31,
2011 2010 2009
NET INCOME:
Net income attributable to common stock .................. $132,515 $153,176 $162,162
Net income attributable to common stock for diluted earnings
per share .......................................... $132,515 $153,176 $162,162
WEIGHTED AVERAGE SHARES:
Weighted average shares outstanding for basic earnings per
share ............................................. 212,648 210,046 200,733
Effect of dilutive stock options .......................... 126 218 192
Effect of shares in escrow .............................. 394 1,532 386
Weighted average shares outstanding for diluted earnings per
share ............................................. 213,168 211,796 201,311
For the years ended December 31, 2011, 2010 and 2009, a nominal number of stock options were excluded
from the computation of diluted earnings per share because the exercise prices of the stock options were greater
than the average market price of Quanta’s common stock. The 3.9 million exchangeable shares of a Canadian
subsidiary of Quanta that were issued pursuant to the acquisition of Valard on October 25, 2010, which are
exchangeable on a one-for-one basis with shares of Quanta common stock, are included in weighted average
shares outstanding for basic and diluted earnings per share for the full year of 2011 and are weighted for the
portion of 2010 they were outstanding. Shares of Quanta common stock placed in escrow related to a previous
acquisition are included in the computation of diluted earnings per share for the years ended December 31, 2011,
2010 and 2009, and are weighted based on the portion of the year they were held in escrow. These shares were
released from escrow on April 4, 2011. For the years ended December 31, 2010 and 2009, the effect of assuming
conversion of Quanta’s 3.75% convertible subordinated notes due 2026 (3.75% Notes) would have been
antidilutive and therefore the shares issuable upon conversion were excluded from the calculation of diluted
earnings per share. The 3.75% Notes were not outstanding after May 1, 2010 and therefore had no impact on
diluted shares during the year ended December 31, 2011.
99

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
7. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS:
Activity in Quanta’s current and long-term allowance for doubtful accounts consists of the following (in
thousands):
December 31,
2011 2010
Balance at beginning of year ......................................... $7,300 $ 9,069
Charged to expense ................................................. 1,163 (142)
Deductions for uncollectible receivables written off, net of recoveries ......... (4,700) (1,627)
Balance at end of year .............................................. $3,763 $ 7,300
Contracts in progress are as follows (in thousands):
December 31,
2011 2010
Costs incurred on contracts in progress .......................... $2,411,733 $ 3,225,340
Estimated earnings, net of estimated losses ....................... 301,954 580,340
2,713,687 3,805,680
Less — Billings to date ...................................... (2,669,623) (3,753,326)
$ 44,064 $ 52,354
Costs and estimated earnings in excess of billings on uncompleted
contracts ................................................ $ 206,159 $ 135,475
Less — Billings in excess of costs and estimated earnings on
uncompleted contracts ..................................... (162,095) (83,121)
Property and equipment consists of the following (in thousands):
Estimated Useful
Lives in Years
$ 44,064 $ 52,354
December 31,
2011 2010
Land ........................................ N/A $ 16,310 $ 15,698
Buildings and leasehold improvements ............. 5-30 54,365 42,755
Operating equipment and vehicles ................. 5-25 984,585 864,631
Fiber optic and related assets ..................... 5-20 319,303 303,961
Office equipment, furniture and fixtures and
information technology systems ................ 3-15 87,378 71,955
Construction work in progress .................... N/A 29,563 29,793
1,491,504 1,328,793
Less — Accumulated depreciation and amortization . . (519,808) (428,025)
Property and equipment, net ..................... $ 971,696 $ 900,768
100

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Accounts payable and accrued expenses consists of the following (in thousands):
December 31,
2011 2010
Accounts payable, trade .......................................... $343,676 $222,881
Accrued compensation and related expenses .......................... 109,220 74,029
Accrued insurance ............................................... 51,874 56,340
Accrued loss on contracts ......................................... 3,319 1,485
Deferred revenues ............................................... 16,945 16,991
Accrued interest and fees ......................................... 334 114
Income and franchise taxes payable ................................. 47,703 6,578
Other accrued expenses ........................................... 45,854 37,529
8. DEBT OBLIGATIONS:
Quanta’s debt obligations consist of the following (in thousands):
$618,925 $415,947
December 31,
2011 2010
Notes payable to various financial institutions, interest rate ranging from
0.0% to 8.0%, secured by certain equipment and other assets ........... $ 56 $ 1,327
Less — Current maturities ........................................ (56) (1,327)
Total long-term debt obligations .................................... $ — $ —
Credit Facility
Quanta has a credit agreement with various lenders that provides for a $700.0 million senior secured
revolving credit facility maturing on August 2, 2016. The entire amount of the facility is available for the
issuance of letters of credit, and up to $25.0 million of the facility is available for swing line loans. Up to $100.0
million of the facility is available for revolving loans and letters of credit in certain alternative currencies in
addition to the U.S. dollar. Borrowings under the credit agreement are to be used to refinance existing
indebtedness and for working capital, capital expenditures and other general corporate purposes. Quanta entered
into the credit agreement on August 2, 2011, which amended and restated its prior credit agreement.
As of December 31, 2011, Quanta had approximately $191.4 million of letters of credit issued under the
credit facility and no outstanding revolving loans. The remaining $508.6 million was available for revolving
loans or issuing new letters of credit. Amounts borrowed under the credit agreement in U.S. dollars bear interest,
at Quanta’s option, at a rate equal to either (a) the Eurocurrency Rate (as defined in the credit agreement) plus
1.25% to 2.50%, as determined based on Quanta’s Consolidated Leverage Ratio (as described below), plus, if
applicable, any Mandatory Cost (as defined in the credit agreement) required to compensate lenders for the cost
of compliance with certain European regulatory requirements, or (b) the Base Rate (as described below) plus
0.25% to 1.50%, as determined based on Quanta’s Consolidated Leverage Ratio. Amounts borrowed under the
credit agreement in any currency other than U.S. dollars bear interest at a rate equal to the Eurocurrency Rate
plus 1.25% to 2.50%, as determined based on Quanta’s Consolidated Leverage Ratio, plus, if applicable, any
Mandatory Cost. Standby letters of credit issued under the credit agreement are subject to a letter of credit fee of
1.25% to 2.50%, based on Quanta’s Consolidated Leverage Ratio, and Performance Letters of Credit (as defined
in the credit agreement) issued under the credit agreement in support of certain contractual obligations are subject
to a letter of credit fee of 0.75% to 1.50%, based on Quanta’s Consolidated Leverage Ratio. Quanta is also
101

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
subject to a commitment fee of 0.20% to 0.45%, based on Quanta’s Consolidated Leverage Ratio, on any unused
availability under the credit agreement. The Consolidated Leverage Ratio is the ratio of Quanta’s total funded
debt to Consolidated EBITDA (as defined in the credit agreement). For purposes of calculating both the
Consolidated Leverage Ratio and the maximum senior debt to Consolidated EBITDA ratio discussed below, total
funded debt and total senior debt are reduced by all cash and Cash Equivalents (as defined in the credit
agreement) held by Quanta in excess of $25.0 million. The Base Rate equals the highest of (i) the Federal Funds
Rate (as defined in the credit agreement) plus 1/2 of 1%, (ii) Bank of America’s prime rate and (iii) the
Eurocurrency Rate plus 1.00%.
Subject to certain exceptions, the credit agreement is secured by substantially all of the assets of Quanta and
its wholly owned U.S. subsidiaries, and by a pledge of all of the capital stock of Quanta’s wholly owned U.S.
subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of Quanta or its wholly owned U.S.
subsidiaries. Quanta’s wholly owned U.S. subsidiaries also guarantee the repayment of all amounts due under the
credit agreement. Subject to certain conditions, at any time Quanta maintains a corporate credit rating that is
BBB- (stable) or higher by Standard & Poor’s Rating Services and a corporate family rating that is Baa3 (stable)
or higher by Moody’s Investors Services, all collateral will be automatically released from these liens.
The credit agreement contains certain covenants, including a maximum Consolidated Leverage Ratio and a
minimum interest coverage ratio, in each case as specified in the credit agreement. The credit agreement also
contains a maximum senior debt to Consolidated EBITDA ratio, as specified in the credit agreement, that will be
in effect at any time that the collateral securing the credit agreement has been and remains released. The credit
agreement limits certain acquisitions, mergers and consolidations, indebtedness, capital expenditures, asset sales
and prepayments of indebtedness and, subject to certain exceptions, prohibits liens on assets. The credit
agreement also includes limits on the payment of dividends and stock repurchase programs in any fiscal year
except those payments or other distributions payable solely in capital stock. As of December 31, 2011, Quanta
was in compliance with all of the covenants in the credit agreement.
The credit agreement provides for customary events of default and includes cross-default provisions with
Quanta’s underwriting, continuing indemnity and security agreement with its sureties and all of Quanta’s other
debt instruments exceeding $30.0 million in borrowings or availability. If an event of default (as defined in the
credit agreement) occurs and is continuing, on the terms and subject to the conditions set forth in the credit
agreement, amounts outstanding under the credit agreement may be accelerated and may become or be declared
immediately due and payable.
Prior to August 2, 2011, Quanta had a credit agreement that provided for a $475.0 million senior secured
revolving credit facility maturing on September 19, 2012. Subject to the conditions specified in the prior credit
agreement, borrowings under the prior credit facility were to be used for working capital, capital expenditures
and other general corporate purposes. The entire unused portion of the prior credit facility was available for the
issuance of letters of credit.
Amounts borrowed under the prior credit facility bore interest, at Quanta’s option, at a rate equal to either
(a) the Eurodollar Rate (as defined in the prior credit agreement) plus 0.875% to 1.75%, as determined by the
ratio of Quanta’s total funded debt to Consolidated EBITDA (as defined in the prior credit agreement), or (b) the
base rate (as described below) plus 0.00% to 0.75%, as determined by the ratio of Quanta’s total funded debt to
Consolidated EBITDA. Letters of credit issued under the prior credit facility were subject to a letter of credit fee
of 0.875% to 1.75%, based on the ratio of Quanta’s total funded debt to Consolidated EBITDA. Quanta was also
subject to a commitment fee of 0.15% to 0.35%, based on the ratio of its total funded debt to Consolidated
EBITDA, on any unused availability under the prior credit facility. The base rate equaled the higher of (i) the
Federal Funds Rate (as defined in the prior credit agreement) plus 1/2 of 1% or (ii) the bank’s prime rate.
102

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
3.75% Convertible Subordinated Notes
As of December 31, 2011 and 2010, none of Quanta’s 3.75% Notes were outstanding. The 3.75% Notes
were originally issued in April 2006 in an aggregate principal amount of $143.8 million and required semiannual
interest payments on April 30 and October 30 until maturity. On May 14, 2010, Quanta redeemed all of
the $143.8 million aggregate principal amount outstanding of the 3.75% Notes at a redemption price of
101.607% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the date of
redemption. The redemption resulted in a payment of the aggregate redemption price of $146.1 million and the
recognition of a loss on early extinguishment of debt of approximately $7.1 million. Included in the loss on early
extinguishment of debt was a non-cash loss of $3.5 million related to the difference between the net carrying
value and the estimated fair value of the 3.75% Notes, calculated as of the date of redemption, the payment of
$2.3 million representing the 1.607% redemption premium above par value and a non-cash loss of $1.3 million
from the write-off of the remaining unamortized deferred financing costs related to the 3.75% Notes.
9. INCOME TAXES:
The components of income before income taxes are as follows (in thousands):
Year ended December 31,
2011 2010 2009
Income before income taxes:
Domestic ................................................... $204,382 $227,560 $228,461
Foreign .................................................... 11,988 18,695 5,269
Total .................................................... $216,370 $246,255 $233,730
The components of the provision for income taxes are as follows (in thousands):
Year Ended December 31,
2011 2010 2009
Federal —
Current ...................................................... $44,399 $38,698 $34,763
Deferred ..................................................... 10,470 34,813 26,240
State —
Current ...................................................... 12,870 9,310 6,664
Deferred ..................................................... 1,443 2,062 865
Foreign —
Current ...................................................... 7,668 6,260 1,857
Deferred ..................................................... (4,896) (445) (194)
103
$71,954 $90,698 $70,195

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The actual income tax provision differs from the income tax provision computed by applying the
U.S. federal statutory corporate rate to the income before provision for income taxes as follows (in thousands):
Year Ended December 31,
2011 2010 2009
Provision at the statutory rate ..............................
Increases (decreases) resulting from —
$75,729 $86,189 $ 81,806
State and foreign taxes ................................. 4,762 7,881 5,049
Contingency reserves, net ............................... (8,769) (6,353) (15,810)
Production activity deduction ............................ (2,527) (3,031) (5,007)
Employee per diems, meals and entertainment .............. 4,687 5,126 3,537
Taxes on unincorporated joint ventures .................... (4,142) (833) (480)
Other ............................................... 2,214 1,719 1,100
$71,954 $90,698 $ 70,195
Deferred income taxes result from temporary differences in the recognition of income and expenses for
financial reporting purposes and tax purposes. The tax effects of these temporary differences, representing
deferred tax assets and liabilities, result principally from the following (in thousands):
December 31,
2011 2010
Deferred income tax liabilities —
Property and equipment ....................................... $(204,918) $(180,776)
Goodwill ................................................... (43,057) (30,251)
Other intangibles ............................................. (54,206) (55,762)
Book/tax accounting method difference ........................... (27,924) (31,919)
Total deferred income tax liabilities ................................ (330,105) (298,708)
Deferred income tax assets —
Accruals and reserves ......................................... 40,619 20,144
Accrued insurance ........................................... 55,169 55,984
Deferred revenue ............................................ 14,243 10,316
Net operating loss carryforwards ................................ 15,615 12,374
Other ...................................................... 13,140 22,634
Subtotal ...................................................... 138,786 121,452
Valuation allowance .......................................... (8,783) (11,368)
Total deferred income tax assets .................................. 130,003 110,084
Total net deferred income tax liabilities ............................. $(200,102) $(188,624)
104

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The net deferred income tax assets and liabilities are comprised of the following (in thousands):
December 31,
2011 2010
Current deferred income taxes:
Assets ..................................................... $ 51,373 $ 46,883
Liabilities .................................................. (17,831) (23,307)
33,542 23,576
Non-current deferred income taxes:
Assets ..................................................... 78,630 63,201
Liabilities .................................................. (312,274) (275,401)
(233,644) (212,200)
Total net deferred income tax liabilities ......................... $(200,102) $(188,624)
The valuation allowance for deferred income tax assets at December 31, 2011, 2010, and 2009 was $8.8
million, $11.4 million, and $8.6 million, respectively. These valuation allowances relate to state net operating
loss carryforwards, a deferred tax asset for goodwill and foreign tax credit carryforwards. The net change in the
total valuation allowance for each of the years ended December 31, 2011, 2010, and 2009 was a decrease of $2.6
million, an increase of $2.8 million and a decrease of $0.6 million, respectively. The valuation allowance was
established primarily as a result of uncertainty in Quanta’s outlook as to future taxable income in particular tax
jurisdictions. Quanta believes it is more likely than not that it will realize the benefit of its deferred tax assets, net
of existing valuation allowances.
At December 31, 2011, Quanta had state and foreign net operating loss carryforwards, the tax effect of
which is approximately $15.6 million. These carryforwards will expire as follows: 2012, $0.3 million; 2013, $0.4
million; 2014, $0.8 million; 2015, $0.3 million; 2016, $0.3 million and $13.5 million thereafter. A valuation
allowance of $6.4 million has been recorded against certain state net operating loss carryforwards.
Through December 31, 2011, Quanta has not provided U.S. income taxes on unremitted foreign earnings
because such earnings are intended to be indefinitely reinvested outside the U.S. It is not practicable to determine
the amount of any additional U.S. tax liability that may result if Quanta decides to no longer indefinitely reinvest
foreign earnings outside the U.S.
A reconciliation of unrecognized tax benefit balances is as follows (in thousands):
2011
December 31,
2010 2009
Balance at beginning of year .............................. $50,632 $ 45,201 $ 59,190
Additions based on tax positions related to the current year ...... 10,133 10,602 10,078
Additions for tax positions of prior years .................... 131 5,183 633
Additions attributable to acquisitions of businesses ............ — — 1,904
Reductions for tax positions of prior years ................... — — (1,132)
Settlements ............................................
Reductions resulting from a lapse of the applicable statutes of
(4,877) (93) (447)
limitations .......................................... (8,640) (10,261) (25,025)
Balance at end of year ................................... $47,379 $ 50,632 $ 45,201
105

QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
For the year ended December 31, 2011, the $8.6 million reduction is primarily due to the expiration of
certain federal and state statutes of limitations for the 2007 tax year and the $4.9 million reduction primarily
relates to settlement with tax authorities regarding a foreign tax credit position taken in a pre-acquisition tax
return of an acquired business. For the year ended December 31, 2010, the $10.3 million reduction is primarily
due to the expiration of certain federal and state statutes of limitations for the 2006 tax year. For the year ended
December 31, 2009, the $25.0 million reduction is primarily due to the expiration of certain federal and state
statutes of limitations for the 2005 tax year.
The balances of unrecognized tax benefits, the amount of related interest and penalties and what Quanta
believes to be the range of reasonably possible changes in the next 12 months are as follows (in thousands):
2011
December 31,
2010 2009
Unrecognized tax benefits ..................... $ 47,379 $ 50,632 $ 45,201
Portion that, if recognized, would reduce tax expense
and effective tax rate ........................ 39,824 43,077 37,054
Accrued interest on unrecognized tax benefits ...... 7,180 6,524 8,694
Accrued penalties on unrecognized tax benefits .....
Reasonably possible reduction to the balance of
unrecognized tax benefits in succeeding
163 163 213
12 months ................................
Portion that, if recognized, would reduce tax expense
$0to$12,110 $0 to $8,786 $0 to $9,300
and effective tax rate ........................ $0to$10,221 $0 to $6,896 $0 to $7,100
Quanta classifies interest and penalties within the provision for income taxes. Quanta recognized $0.7
million of interest expense and $2.2 million and $3.6 million of interest income in the provision for income taxes
for the years ended December 31, 2011, 2010 and 2009, respectively.
Quanta is subject to income tax in the United States, multiple state jurisdictions and a few foreign
jurisdictions. Quanta remains open to examination by the IRS for tax years 2008 through 2011 as these statutes of
limitations have not yet expired. Quanta does not consider any state in which it does business to be a major tax
jurisdiction.
10. EQUITY:
Exchangeable Shares and Series F Preferred Stock
In connection with acquisition of Valard as discussed in Note 4, certain former owners of Valard received
exchangeable shares of a Canadian subsidiary of Quanta which may be exchanged at the option of the holder for
Quanta common stock on a one-for-one basis. The holders of exchangeable shares can make an exchange only
once in any calendar quarter and must exchange a minimum of either 50,000 shares or, if less, the total number
of remaining exchangeable shares registered in the name of the holder making the request. Quanta also issued
one share of Quanta Series F preferred stock to a voting trust on behalf of the holders of the exchangeable shares.
The Series F preferred stock provides the holders of the exchangeable shares voting rights in Quanta common
stock equivalent to the number of exchangeable shares outstanding at any time. The combination of the
exchangeable shares and the share of Series F preferred stock gives the holders of the exchangeable shares rights
equivalent to Quanta common stockholders with respect to dividends, voting and other economic rights.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Limited Vote Common Stock
Effective May 19, 2011, each outstanding share of Quanta’s Limited Vote Common Stock was reclassified
and converted into 1.05 shares of Quanta common stock, as set forth in a Certificate of Amendment to Restated
Certificate of Incorporation approved by the stockholders of Quanta and filed with the Secretary of State of the
State of Delaware on May 19, 2011. At December 31, 2011 and 2010, there were 0 and 432,485 shares of
Limited Vote Common Stock outstanding. The Certificate of Amendment also eliminated entirely the class of
Limited Vote Common Stock. The shares of Limited Vote Common Stock had rights similar to shares of
common stock, except with respect to voting. Holders of Limited Vote Common Stock were entitled to vote as a
separate class to elect one director and did not vote in the election of other directors. Holders of Limited Vote
Common Stock were entitled to one-tenth of one vote for each share held on all other matters submitted for
stockholder action. Shares of Limited Vote Common Stock were convertible into Quanta common stock upon
disposition by the holder of such shares in accordance with the transfer restrictions applicable to such shares.
During the years ended December 31, 2011, 2010 and 2009, no shares of Limited Vote Common Stock were
converted to common stock upon transfer. In 2011, 432,485 shares of Limited Vote Common Stock were
reclassified and converted into 454,107 shares of Quanta common stock pursuant to the Certificate of
Amendment approved by the stockholders. In 2010, Quanta issued an aggregate 241,300 shares of its common
stock in exchange for an aggregate 229,808 shares of Limited Vote Common Stock through voluntary exchanges
initiated by individual stockholders.
Treasury Stock
During the second quarter of 2011, Quanta’s board of directors approved a stock repurchase program
authorizing Quanta to purchase, from time to time, up to $150.0 million of its outstanding common stock. These
repurchases could be made in open market transactions, in privately negotiated transactions, including block
purchases, or otherwise, at management’s discretion based on market and business conditions, applicable legal
requirements and other factors. This program does not obligate Quanta to acquire any specific amount of
common stock and will continue until it is completed or otherwise modified or terminated by Quanta’s board of
directors at any time in its sole discretion and without notice. The stock repurchase program is funded with cash
on hand. From the time the stock repurchase program was initiated through December 31, 2011, Quanta
repurchased 8.1 million shares of its common stock under this program at an aggregate cost of $149.5 million.
These shares and the related cost to acquire them were accounted for as an adjustment to the balance of treasury
stock. Under Delaware corporate law, treasury stock is not entitled to vote or be counted for quorum purposes.
Under the stock incentive plans described in Note 11, employees may elect to satisfy their tax withholding
obligations upon vesting of restricted stock by having Quanta make such tax payments and withhold a number of
vested shares having a value on the date of vesting equal to their tax withholding obligation. As a result of such
employee elections, Quanta withheld 299,804 shares of Quanta common stock in 2011 with a total market value
of $6.6 million, 243,821 shares of Quanta common stock in 2010 with a total market value of $4.6 million and
210,469 shares of Quanta common stock in 2009 with a total market value of $3.6 million, in each case for
settlement of employee tax liabilities. These shares and the related cost to acquire them were accounted for as an
adjustment to the balance of treasury stock.
Noncontrolling Interest
Quanta holds investments in several joint ventures that provide infrastructure services under specific
customer contracts. Each joint venture is owned equally by its members. Quanta has determined that certain of
these joint ventures are variable interest entities, with Quanta providing the majority of the infrastructure services
to the joint venture, which management believes most significantly influences the economic performance of the
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
joint venture. Management has concluded that Quanta is the primary beneficiary of each of these joint ventures
and has accounted for each on a consolidated basis. The other parties’ equity interests in these joint ventures have
been accounted for as a noncontrolling interest in the consolidated financial statements. Income attributable to
the other joint venture members has been accounted for as a reduction of reported net income attributable to
common stock in the amount of $11.9 million, $2.4 million and $1.4 million for the years ended December 31,
2011, 2010 and 2009, respectively. Equity in the consolidated assets and liabilities of these joint ventures that is
attributable to the other joint venture members has been accounted for as a component of noncontrolling interests
within total equity in the accompanying balance sheets.
The carrying value of the investments held by Quanta in all of its variable interest entities was
approximately $7.3 million and $1.4 million at December 31, 2011 and 2010. The carrying value of investments
held by the noncontrolling interests in these variable interest entities at December 31, 2011 and 2010 was $7.3
million and $1.4 million. During the years ended December 31, 2011 and 2010, distributions to noncontrolling
interests were $6.0 million and $2.4 million. See Note 14 for further disclosures related to Quanta’s joint venture
arrangements.
Comprehensive Income
Quanta’s foreign operations are translated into U.S. dollars, and a translation adjustment is recorded in other
comprehensive income, net of tax, as a result. Additionally, unrealized gains and losses on certain hedging
activities are recorded in other comprehensive income, net of tax. The following table presents the components of
comprehensive income for the periods presented (in thousands):
Year Ended December 31,
2011 2010 2009
Net income .......................................... $144,416 $155,557 $163,535
Foreign currency translation adjustment, net of tax ........... (12,235) 10,210 6,868
Other ...............................................
Change in unrealized gain (loss) on foreign currency cash flow
(1,177) — —
hedges, net of tax ................................... — 410 (410)
Comprehensive income ................................ 131,004 166,177 169,993
Less: Net income attributable to noncontrolling interests .... 11,901 2,381 1,373
Comprehensive income attributable to common stock ........ $119,103 $163,796 $168,620
In the third quarter of 2009, one of Quanta’s Canadian operating units entered into three forward contracts
with settlement dates in 2009 and 2010, to reduce foreign currency risk associated with anticipated customer
sales that were denominated in South African rand. This same operating unit also entered into three additional
forward contracts with the same settlement dates to reduce the foreign currency exposure associated with a series
of forecasted intercompany payments denominated in U.S. dollars to be made over a twelve-month period. These
contracts were accounted for as cash flow hedges. Accordingly, changes in the fair value of the forward contracts
were recorded in other comprehensive income prior to their settlement and were reclassified into earnings in the
periods in which the hedged transactions occurred.
The South African rand to Canadian dollar forward contracts had an aggregate notional amount of
approximately $11.0 million ($CAD) at origination, and the Canadian dollar to U.S. Dollar forward contracts had
an aggregate notional amount of approximately $9.5 million (U.S.) at origination. During the year ended
December 31, 2010, net losses of $0.4 million were recorded in income in connection with the settled contracts.
There were no forward contracts outstanding at December 31, 2011 or December 31, 2010, and as a result, there
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
is no balance related to the forward contracts in other comprehensive income. During the year ended
December 31, 2009, losses of $0.8 million were recorded in income in connection with the settled contracts, and
at December 31, 2009, there was a loss of $0.4 million in other comprehensive income related to the forward
contracts.
Effectiveness testing related to these cash flow hedges was performed at the end of each quarter while they
were outstanding. Any ineffective portion of these contracts was reclassified into earnings if the derivatives were
no longer deemed to be cash flow hedges. For the years ended December 31, 2010 and 2009, a nominal portion
of the forward contracts were considered ineffective.
11. EQUITY-BASED COMPENSATION:
Stock Incentive Plans
On May 19, 2011, Quanta’s stockholders approved the Quanta Services, Inc. 2011 Omnibus Equity
Incentive Plan (the 2011 Plan). The 2011 Plan provides for the award of non-qualified stock options, incentive
(qualified) stock options (ISOs), stock appreciation rights, restricted stock awards, restricted stock units (RSUs),
stock bonus awards, performance compensation awards (including cash bonus awards) or any combination of the
foregoing. The purpose of the 2011 Plan is to provide participants with additional performance incentives by
increasing their proprietary interest in Quanta. Employees, directors, officers, consultants or advisors of Quanta
or its affiliates are eligible to participate in the 2011 Plan, as are prospective employees, directors, officers,
consultants or advisors of Quanta who have agreed to serve Quanta in those capacities. An aggregate of
11,750,000 shares of Quanta common stock may be issued pursuant to awards granted under the 2011 Plan.
Additionally, pursuant to the Quanta Services, Inc. 2007 Stock Incentive Plan (the 2007 Plan), which was
adopted on May 24, 2007, Quanta may award restricted common stock, incentive stock options and non-qualified
stock options to eligible employees, directors, and certain consultants and advisors. An aggregate of 4,000,000
shares of common stock may be issued pursuant to awards granted under the 2007 Plan. Quanta also has a
Restricted Stock Unit Plan (the RSU Plan), pursuant to which RSUs may be awarded to certain employees and
consultants of Quanta’s Canadian operations.
Equity awards also remain outstanding under a prior plan adopted by Quanta, as well as under plans
assumed by Quanta in connection with its acquisition of InfraSource Services, Inc. in 2007. While no further
awards may be made under these plans, the awards outstanding under the plans continue to be governed by their
terms. These plans, together with the 2011 Plan, the 2007 Plan and the RSU Plan, are referred to as the Plans.
The Plans are administered by the Compensation Committee of the Board of Directors of Quanta. The
Compensation Committee has, subject to applicable regulation and the terms of the Plans, the authority to grant
awards under the Plans, to construe and interpret the Plans and to make all other determinations and take any and
all actions necessary or advisable for the administration of the Plans. The Board also delegated to the Equity
Grant Committee, a committee of the Board consisting of one or more directors, the authority to grant limited
awards to eligible persons who are not executive officers or non-employee directors.
Stock Options
Awards in the form of stock options are exercisable during the period specified in each stock option
agreement and generally become exercisable in installments pursuant to a vesting schedule designated by the
Compensation Committee or, if applicable, the Equity Grant Committee. No option will remain exercisable later
than 10 years after the date of award (or five years in the case of ISOs awarded to employees owning more than
10% of Quanta’s voting capital stock). The exercise price for ISOs awarded under the 2011 and 2007 Plans may
be no less than the fair market value of a share of common stock on the date of award (or 110% in the case of
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
ISOs awarded to employees owning more than 10% of Quanta’s voting capital stock). Upon the exercise of stock
options, Quanta has historically issued shares of common stock rather than treasury shares or shares purchased
on the open market, although the plan permits any of the three. Quanta did not grant any awards of stock options
under any of the Plans during the years ended December 31, 2011, 2010 or 2009.
Restricted Stock
Awards in the form of restricted stock are subject to forfeiture and other restrictions until they vest.
Restricted shares of Quanta’s common stock have been issued under the Plans at the fair market value of the
common stock as of the date of issuance. The shares of restricted common stock issued are subject to forfeiture,
restrictions on transfer and certain other conditions until vesting, which generally occurs over three years in equal
annual installments. During the restriction period, holders are entitled to vote and receive dividends on such
shares. The grant date fair value for awards of restricted stock is based on the market value of Quanta common
stock on the date of grant.
During the years ended December 31, 2011, 2010 and 2009, Quanta granted 1.1 million, 1.2 million and
1.1 million shares of restricted stock under the Plans with a weighted average grant date fair value price of
$21.40, $19.20 and $22.10, respectively. During the years ended December 31, 2011, 2010 and 2009, 1.0 million,
0.8 million and 0.6 million shares vested, respectively, with an approximate fair value at the time of vesting of
$21.5 million, $14.7 million and $13.1 million, respectively.
A summary of the restricted stock activity for the year ended December 31, 2011 is as follows (shares in
thousands):
Shares
Weighted
Average
Grant Date
Fair Value
(Per share)
Unvested at January 1, 2011 .......................................... 2,070 $20.68
Granted ........................................................ 1,124 $21.40
Vested ......................................................... (963) $21.32
Forfeited ....................................................... (94) $20.69
Unvested at December 31, 2011 ....................................... 2,137 $20.77
As of December 31, 2011, there was approximately $22.2 million of total unrecognized compensation cost
related to unvested restricted stock granted to both employees and non-employees. This cost is expected to be
recognized over a weighted average period of 1.62 years.
Restricted Stock Units
RSUs granted by Quanta under the Plans are intended to provide plan participants with cash performance
incentives that are substantially equivalent to the risks and rewards of equity ownership in Quanta by providing
the participants with rights to receive a cash bonus that is determined by reference to Quanta’s common stock
price. The number of RSUs awarded to grantees is determined based on the dollar amount of the grant and the
closing price on the date of grant of a share of Quanta common stock. The RSUs vest over a designated period,
typically three years, and are subject to forfeiture under certain conditions, primarily termination of service.
Upon vesting of RSUs, the holders receive a cash bonus equal to the number of RSUs vested multiplied by
Quanta’s common stock price on the vesting date. In the future, Quanta may also issue RSUs, that upon vesting,
provide for the issuance of Quanta common stock.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Compensation expense related to RSUs was $1.3 million and $0.5 million for the years ended
December 31, 2011 and 2010. Such expense is recorded in selling, general and administrative expenses. As the
RSUs are settled only in cash, they are not included in the calculation of earnings per share, and the estimated
earned value of the RSUs is classified as a liability. Quanta paid $1.0 million and $0.3 million to settle liabilities
related to RSUs in 2011 and 2010. Liabilities recorded under the RSUs were $1.3 million and $0.2 million at
December 31, 2011 and 2010.
Non-Cash Compensation Expense and Related Tax Benefits
The amounts of non-cash compensation expense and related tax benefits, as well as the amount of actual tax
benefits related to vested restricted stock and options exercised are as follows (in thousands):
Year Ended December 31,
2011 2010 2009
Non-cash compensation expense related to restricted stock ............ $21,618 $22,125 $17,415
Non-cash compensation expense related to stock options .............. — 923 2,460
Total stock-based compensation included in selling, general and
administrative expenses ...................................... $21,618 $23,048 $19,875
Actual tax expense for the tax deductions from vested restricted stock . . . $ (1,160) $ (2,089) $ (1,567)
Actual tax benefit (expense) for the tax deductions from options
exercised ................................................. (205) (29) 354
Actual tax expense related to stock-based compensation expense ....... (1,365) (2,118) (1,213)
Income tax benefit related to non-cash compensation expense .......... 8,431 8,989 7,751
Total tax benefit related to stock-based compensation expense ......... $ 7,066 $ 6,871 $ 6,538
12. EMPLOYEE BENEFIT PLANS:
Unions’ Multi-Employer Pension Plans
Quanta contributes to a number of multi-employer defined benefit pension plans under the terms of
collective bargaining agreements with various unions that represent certain of Quanta’s employees. Quanta’s
contribution rates to the multi-employer pension plans generally are specified in the collective bargaining
agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” basis
based on its union employee payrolls. Quanta may also have additional liabilities imposed by law as a result of
its participation in multi-employer defined benefit pension plans. The Employee Retirement Income Security Act
of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain liabilities
contingent upon an employer who is a contributor to a multi-employer pension plan if the employer withdraws
from the plan or the plan is terminated or experiences a mass withdrawal. In the fourth quarter of 2011, Quanta
recorded a partial withdrawal liability of approximately $32.6 million related to the withdrawal by certain Quanta
subsidiaries from the Central States, Southeast and Southwest Areas Pension Plan (Central States Plan) following
an amendment to the applicable collective bargaining agreement which eliminated their obligations to contribute
to the Central States Plan. See further information regarding these subsidiaries’ withdrawal from the Central
States Plan in Note 14—Collective Bargaining Agreements.
The Pension Protection Act of 2006 (the PPA) also added special funding and operational rules generally
applicable to plan years beginning after 2007 for multi-employer plans that are classified as “endangered,”
“seriously endangered” or “critical” status based on a multitude of factors (including, for example, the plan’s
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
funded percentage, cash flow position and whether it is projected to experience a minimum funding deficiency).
Plans in these classifications must adopt measures to improve their funded status through a funding improvement
or rehabilitation plan, which may require additional contributions from employers (which may take the form of a
surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which Quanta
contributes are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if
any, that Quanta may be obligated to contribute to these plans in the future cannot be estimated, as such amounts
will likely be based on future levels of work that require the specific use of those union employees covered by
these plans, and the amount of that future work and the number of affected employees that may be needed cannot
reasonably be estimated.
The following table contains a summary of plan information relating to Quanta’s participation in multiemployer
defined benefit pension plans, including company contributions for the last three years, the status under
the PPA of the plans and whether the plans are subject to a funding improvement or rehabilitation plan or
contribution surcharges. The most recent PPA zone status available in 2011 and 2010 relates to the plan’s fiscal
year-end in 2010 and 2009. Forms 5500 were not yet available for the plan years ending in 2011. The PPA zone
status is based on information that Quanta received from the respective plans as well as publicly available
information on the U.S. Department of Labor website and is certified by the plan’s actuary. Although a multitude of
factors or tests may result in red zone or yellow zone status, plans in the red zone generally are less than 65 percent
funded, plans in the yellow zone generally are less than 80 percent funded, and plans in the green zone generally are
at least 80 percent funded. Under the PPA, red zone plans are classified as “critical” status, yellow zone plans are
classified as “endangered” status and green zone plans are classified as neither “endangered” nor “critical” status.
The “Subject to Financial Improvement/ Rehabilitation Plan” column indicates plans for which a financial
improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column
lists the expiration dates of Quanta’s collective-bargaining agreements to which the plans are subject. Changes in
annual contribution levels to these plans will vary because the number of union employees, the duration of their
employment and the plans in which they participate will vary from period to period based on the number and
location of projects that Quanta has ongoing at any given time and the need for union resources in connection with
those projects. Although Price Gregory was acquired on October 1, 2009, all of its related contributions to defined
benefit multi-employer pension plans for the year ended December 31, 2009 have been included in the table below.
Information has been presented separately for individually significant plans and in the aggregate for all other plans.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Employer
Subject to
Financial
Improve-
Expiration
Identification
Number/
Pension Plan
PPA Zone Status
ment/Rehabilitation
Contributions
(in thousands)
Surcharge
Date of
Collective
Bargaining
Fund Number 2011 2010 Plan 2011 2010 2009 Imposed Agreement
National Electrical Benefit
Fund1 Varies
through August
................. 53-0181657-001 Green Green No $ 9,721 $ 8,177 $ 8,182 No 2014
NECA-IBEW Pension
Trust1 Varies through
................ 51-6029903-001 Green Green No 6,707 5,928 3,362 No June 2014
Central Pension Fund of the
IUOE & Participating
Employers1 Varies through
............ 36-6052390-001 Green Yellow No 4,439 10,446 13,390 No January 2014 2
Joint Pension Local Union
164 IBEW ............. 22-6031199-001 Yellow
IBEW Local 246 Pension
Yellow Yes 2,887 39 — Yes May 2012
Plan .................. 34-6582842-001
Central States, Southeast, and
Red Red No 1,977 61 — No Oct 2012
Southwest Areas Pension
Varies through
Plan .................. 36-6044243-001 Red Red Yes 540 2,100 3,074 No April 2014 3
Laborers National Pension
Fund1 ................. 75-1280827-001 Green Green Yes 1,903 4,329 6,038 No Jan 2014
All other plans ........... 18,664 10,131 18,111
Total ................... $46,838 $41,211 $52,157
1 These plans are amortizing net investment losses incurred during their respective 2008 plan years over a 30 year period as
permitted under section 431(b)(8)(A) of the Internal Revenue Code.
2 Approximately 98% of the total pension contributions from Quanta operating units made to this plan during 2011 were
from an operating unit with a collective bargaining agreement that expires on June 30, 2012.
3 Approximately 91% of the total pension contributions from Quanta operating units made to this plan during 2011 were
from operating units whose obligations to contribute to this plan were eliminated in 2011 due to an amendment to the
applicable collective bargaining agreement.
Quanta’s contributions to the following plans were five percent or more of the total contributions to these
plans for the periods indicated plans based on the Forms 5500 for these plans. Forms 5500 were not yet available
for these plans for the year ending in 2011.
Plan Years in which
Quanta Contributions
Were Five Percent or
More of Total Plan
Pension Fund
Contributions
NECA - IBEW Pension Trust ................. 2010 and 2009
Laborers National Pension Fund ............... 2010 and 2009
In addition to the contributions made to multi-employer defined benefit pension plans noted above, Quanta
also made contributions to multi-employer defined contribution or other benefit plans on behalf of certain union
employees. Contributions to union multi-employer defined contribution or other benefit plans by Quanta were
approximately $47.7 million, $35.8 million and $31.8 million for the years ended December 31, 2011, 2010 and
2009.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Quanta 401(k) Plan
Quanta has a 401(k) plan pursuant to which employees who are not provided retirement benefits through a
collective bargaining agreement may make contributions through a payroll deduction. Quanta makes matching
cash contributions of 100% of each employee’s contribution up to 3% of that employee’s salary and 50% of each
employee’s contribution between 3% and 6% of such employee’s salary, up to the maximum amount permitted
by law. Contributions to non-union defined contribution plans by Quanta were approximately $10.9 million,
$10.2 million and $10.0 million for the years ended December 31, 2011, 2010 and 2009, respectively.
13. RELATED PARTY TRANSACTIONS:
Certain of Quanta’s operating units have entered into related party lease arrangements for operational
facilities, typically with prior owners of certain acquired businesses. These lease agreements generally have
terms of up to five years. Related party lease expense for the years ended December 31, 2011, 2010 and 2009
was approximately $5.0 million, $3.2 million and $5.4 million, respectively.
14. COMMITMENTS AND CONTINGENCIES:
Investments in Affiliates and Other Entities
As described in Note 10, Quanta holds investments in certain joint ventures with third parties for the
purpose of providing infrastructure services under certain customer contracts. Losses incurred by these joint
ventures are shared equally by the joint venture members. However, each member of the joint venture is jointly
and severally liable for all of the obligations of the joint venture under the contract with the customer and
therefore can be liable for full performance of the contract with the customer. In circumstances where Quanta’s
participation in a joint ventures qualifies as a general partnership, the joint venture partners are jointly and
severally liable for all of the obligations of the joint venture, including obligations owed to the customer or any
other person or entity. Quanta is not aware of circumstances that would lead to future claims against it for
material amounts in connection with these joint and several liabilities.
In the joint venture arrangements entered into by Quanta, each joint venturer indemnifies the other party for
any liabilities incurred in excess of the liabilities such other party is obligated to bear under the respective joint
venture agreement. It is possible, however, that Quanta could be required to pay or perform obligations in excess
of its share if the other joint venturer failed or refused to pay or perform its share of the obligations. Quanta is not
aware of circumstances that would lead to future claims against it for material amounts that would not be
indemnified.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Leases
Quanta leases certain land, buildings and equipment under non-cancelable lease agreements, including
related party leases as discussed in Note 13. The terms of these agreements vary from lease to lease, including
some with renewal options and escalation clauses. The following schedule shows the future minimum lease
payments under these leases as of December 31, 2011 (in thousands):
Operating
Leases
Year Ending December 31 —
2012 .................................................................... $ 43,922
2013 .................................................................... 28,924
2014 .................................................................... 18,608
2015 .................................................................... 12,901
2016 .................................................................... 8,969
Thereafter ................................................................ 18,783
Total minimum lease payments ............................................. $132,107
Rent expense related to operating leases was approximately $118.8 million, $109.4 million and $112.2
million for the years ended December 31, 2011, 2010 and 2009, respectively.
Quanta has guaranteed the residual value on certain of its equipment operating leases. Quanta has agreed to
pay any difference between this residual value and the fair market value of the underlying asset at the date of
termination of the leases. At December 31, 2011, the maximum guaranteed residual value was approximately
$126.0 million. Quanta believes that no significant payments will be made as a result of the difference between
the fair market value of the leased equipment and the guaranteed residual value. However, there can be no
assurance that significant payments will not be required in the future.
Committed Capital Expenditures
Quanta has committed capital for the expansion of its fiber optic network, although Quanta typically does
not commit capital to new network expansions until it has a committed licensing arrangement in place with at
least one customer. The amounts of committed capital expenditures are estimates of costs required to build the
networks under contract. The actual capital expenditures related to building the networks could vary materially
from these estimates. As of December 31, 2011, Quanta estimates these committed capital expenditures to be
approximately $14.1 million for the year ended December 31, 2012.
Litigation and Claims
Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the
ordinary course of business. These actions typically seek, among other things, compensation for alleged personal
injury, breach of contract and/or property damages, employment-related damages, punitive damages, civil
penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and
proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of
loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a
material loss is at least reasonably possible. Except as otherwise stated below, none of these proceedings,
separately or in the aggregate, are expected to have a material adverse effect on Quanta’s consolidated financial
position, results of operations or cash flows. In all instances, management has assessed the matter based on
current information and made a judgment concerning its potential outcome, giving due consideration to the
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
nature of the claim, the amount and nature of damages sought and the probability of success. Management’s
judgment may prove materially inaccurate, and such judgment is made subject to the known uncertainty of
litigation.
California Fire Litigation — San Diego County. On June 18, 2010, PAR Electrical Contractors, Inc., a
wholly owned subsidiary of Quanta (PAR), was named as a third party defendant in four lawsuits in California
state court in San Diego County, California, all of which arise out of a wildfire in the San Diego area that started
on October 21, 2007, referred to as the Witch Creek fire. The California Department of Forestry and Fire
Protection issued a report concluding that the Witch Creek fire was started when the conductors of a three phase
69kV transmission line, known as TL 637, owned by San Diego Gas & Electric (SDG&E) touched each other,
dropping sparks on dry grass. The Witch Creek fire, together with another wildfire referred to as the Guejito fire
that allegedly merged with the Witch Creek fire, burned a reported 198,000 acres, over 1,500 homes and
structures and is alleged to have caused two deaths and numerous personal injuries.
Numerous additional lawsuits were filed directly against SDG&E and its parent company, Sempra, claiming
SDG&E’s power lines caused the fire. The court ordered that the claims be organized into the four lawsuits
mentioned above and grouped the matters by type of plaintiff, namely, insurance subrogation claimants,
individual/business claimants, governmental claimants, and a class action matter, for which class certification has
since been denied. PAR is not named as a direct defendant in any of these lawsuits against SDG&E or its parent.
SDG&E has reportedly settled many of the claims. On June 18, 2010, SDG&E joined PAR to the four lawsuits as
a third party defendant seeking contractual and equitable indemnification for losses related to the Witch Creek
fire, although a claim for specific damages has not been made. SDG&E’s claims for indemnity relate to work
done by PAR involving the replacement of one pole on TL 637 about four months prior to the Witch Creek fire.
Quanta does not believe that the work done by PAR was the cause of the contact between the conductors.
However, PAR has notified its various insurers of the claims. One insurer is participating in the defense of the
matter, while others have reserved their rights to contest coverage, not stated their position and/or denied
coverage. One insurer filed a lawsuit in the U.S. District Court for the Southern District of Texas, Houston
Division on April 15, 2011, seeking a declaratory judgment that coverage does not exist. On June 6, 2011 and
June 16, 2011, two other insurers intervened in the Texas coverage lawsuit making similar claims. On August 5,
2011, PAR and Quanta filed a lawsuit in California state court against certain insurers seeking a determination
that coverage exists under the policies. PAR also filed a motion in the Texas coverage lawsuit asking the U.S.
District Court for the Southern District of Texas to defer to the California state court on the coverage claims. On
December 12, 2011, the Texas court granted PAR’s motion and dismissed the Texas coverage lawsuit, abstaining
in favor of the pending California coverage lawsuit. The insurers have not appealed that dismissal. PAR is
vigorously defending the third party claims by SDG&E and continues to work to ensure coverage of any
potential liabilities. An amount equal to the deductibles under certain of Quanta’s applicable insurance policies
has been expensed in connection with these matters. Quanta also previously recorded a liability and
corresponding insurance recovery receivable of $35 million associated with a policy that is not subject to any of
the actions seeking to deny coverage, with the liability reserve being reduced as expenses are incurred in
connection with these matters and the receivable being reduced as these expenses are reimbursed by the
insurance carrier. Additional deductibles may apply depending upon the availability of coverage under other
insurance policies. Given PAR’s defenses to the indemnity claims, as well as the potential for insurance
coverage, Quanta cannot estimate the amount of any possible loss or the range of possible losses that may exceed
Quanta’s applicable insurance coverage. However, due to the nature of these claims, an adverse result in these
proceedings leading to a significant uninsured loss could have a material adverse effect on Quanta’s consolidated
financial condition, results of operations and cash flows.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
California Fire Claim — Amador County. In October 2004, a wildfire in Amador County, California,
burned 16,800 acres. The United States Forest Service alleged that the fire originated as a result of the activities
of a Quanta subsidiary crew performing vegetation management under a contract with Pacific Gas & Electric Co.
(PG&E). In November 2007, the United States Department of Agriculture (USDA) sent a written demand to the
Quanta subsidiary for payment of fire suppression costs of approximately $8.5 million. The USDA
communicated verbally that it also intends to seek past and future restoration and other damages of
approximately $51.3 million. No litigation has been filed. PG&E tendered defense and indemnification for the
matter to Quanta in 2010. The USDA, Quanta, its subsidiary and PG&E have entered into a tolling agreement
with respect to the filing of any litigation and are exchanging information on an informal basis.
Quanta and its subsidiary intend to vigorously defend against any liability and damage allegations. Quanta
has notified its insurers, and two insurers are participating under a reservation of rights. Other insurers in that
policy year have not stated a position regarding coverage. Quanta has recorded a liability and corresponding
insurance recovery receivable of approximately $8.5 million associated with this matter. Given Quanta’s intent to
vigorously defend against the allegations and the potential for insurance coverage, Quanta cannot estimate the
amount of any loss or the range of any possible losses that might exceed its insurance coverage. However, due to
the nature of these claims, an adverse result leading to a significant uninsured loss could have a material adverse
effect on Quanta’s consolidated financial condition, results of operations and cash flows.
Concentrations of Credit Risk
Quanta is subject to concentrations of credit risk related primarily to its cash and cash equivalents and
accounts receivable, including amounts related to unbilled accounts receivable and costs and estimated earnings
in excess of billings on uncompleted contracts. Substantially all of Quanta’s cash investments are managed by
what it believes to be high credit quality financial institutions. In accordance with Quanta’s investment policies,
these institutions are authorized to invest this cash in a diversified portfolio of what Quanta believes to be high
quality investments, which consist primarily of interest-bearing demand deposits, money market mutual funds
and investment grade commercial paper with original maturities of three months or less. Although Quanta does
not currently believe the principal amount of these investments is subject to any material risk of loss, economic
conditions have significantly impacted the interest income Quanta receives from these investments and is likely
to continue to do so in the future. In addition, Quanta grants credit under normal payment terms, generally
without collateral, to its customers, which include electric power, natural gas and pipeline companies,
telecommunications service providers, governmental entities, general contractors, and builders, owners and
managers of commercial and industrial properties located primarily in the United States and Canada.
Consequently, Quanta is subject to potential credit risk related to changes in business and economic factors
throughout the United States and Canada, which may be heightened as a result of depressed economic and
financial market conditions that have existed in recent years. However, Quanta generally has certain statutory
lien rights with respect to services provided. Under certain circumstances, such as foreclosures or negotiated
settlements, Quanta may take title to the underlying assets in lieu of cash in settlement of receivables. In such
circumstances, extended time frames may be required to liquidate these assets, causing the amounts realized to
differ from the value of the assumed receivable. Historically, some of Quanta’s customers have experienced
significant financial difficulties, and others may experience financial difficulties in the future. These difficulties
expose Quanta to increased risk related to collectability of billed and unbilled receivables and costs and estimated
earnings in excess of billings on uncompleted contracts for services Quanta has performed. One customer
accounted for approximately 11% of consolidated revenues during the year ended December 31, 2010 and
approximately 12% of billed and accrued receivables at December 31, 2010. Business with this customer is
included in the Natural Gas and Pipeline Infrastructure Services segment. No other customers represented 10% or
more of revenues for the years ended December 31, 2011, 2010 and 2009 or of billed and unbilled accounts
receivable as of December 31, 2011 and 2010.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Self-Insurance
Quanta is insured for employer’s liability, general liability, auto liability and workers’ compensation claims.
Since August 1, 2009, all policy deductible levels are $5.0 million per occurrence, other than employer’s
liability, which is subject to a deductible of $1.0 million. Quanta also has employee health care benefit plans for
most employees not subject to collective bargaining agreements, of which the primary plan is subject to a
deductible of $350,000 per claimant per year. For the policy year ended July 31, 2009, employer’s liability
claims were subject to a deductible of $1.0 million per occurrence, general liability and auto liability claims were
subject to a deductible of $3.0 million per occurrence, and workers’ compensation claims were subject to a
deductible of $2.0 million per occurrence. Additionally, for the policy year ended July 31, 2009, Quanta’s
workers’ compensation claims were subject to an annual cumulative aggregate liability of up to $1.0 million on
claims in excess of $2.0 million per occurrence. Quanta’s deductibles were generally lower in periods prior to
August 1, 2008.
Losses under all of these insurance programs are accrued based upon Quanta’s estimates of the ultimate
liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party
actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the
severity of an injury, the extent of damage, the determination of Quanta’s liability in proportion to other parties
and the number of incidents not reported. The accruals are based upon known facts and historical trends, and
management believes such accruals are adequate. As of December 31, 2011 and 2010, the gross amount accrued
for insurance claims totaled $201.2 million and $216.8 million, with $155.4 million and $164.3 million
considered to be long-term and included in other non-current liabilities. Related insurance recoveries/receivables
as of December 31, 2011 and 2010 were $63.1 million and $66.3 million, of which $9.8 million and $9.4 million
are included in prepaid expenses and other current assets and $53.3 million and $56.9 million are included in
other assets, net.
Quanta renews its insurance policies on an annual basis, and therefore deductibles and levels of insurance
coverage may change in future periods. In addition, insurers may cancel Quanta’s coverage or determine to
exclude certain items from coverage, or Quanta may elect not to obtain certain types or incremental levels of
insurance if it believes that the cost to obtain such coverage is too high for the additional benefit obtained. In any
such event, Quanta’s overall risk exposure would increase, which could negatively affect its results of operations,
financial condition and cash flows.
Letters of Credit
Certain of Quanta’s vendors require letters of credit to ensure reimbursement for amounts they are
disbursing on its behalf, such as to beneficiaries under its self-funded insurance programs. In addition, from time
to time some customers require Quanta to post letters of credit to ensure payment to its subcontractors and
vendors and to guarantee performance under its contracts. Such letters of credit are generally issued by a bank or
similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the
letter of credit if the holder demonstrates that Quanta has failed to perform specified actions. If this were to
occur, Quanta would be required to reimburse the issuer of the letter of credit. Depending on the circumstances
of such a reimbursement, Quanta may also have to record a charge to earnings for the reimbursement. Quanta
does not believe that it is likely that any material claims will be made under a letter of credit in the foreseeable
future.
As of December 31, 2011, Quanta had $191.4 million in letters of credit outstanding under its credit facility
primarily to secure obligations under its casualty insurance program. These are irrevocable stand-by letters of
credit with maturities generally expiring at various times throughout 2012. Upon maturity, it is expected that the
majority of these letters of credit will be renewed for subsequent one-year periods.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Performance Bonds and Parent Guarantees
In certain circumstances, Quanta is required to provide performance bonds in connection with its contractual
commitments. Quanta has indemnified its sureties for any expenses paid out under these performance bonds. As
of December 31, 2011, the total amount of outstanding performance bonds was approximately $2.18 billion, and
the estimated cost to complete these bonded projects was approximately $722.5 million.
Quanta, from time to time, guarantees the obligations of its wholly owned subsidiaries, including
obligations under certain contracts with customers, certain lease obligations and, in some states, obligations in
connection with obtaining contractors’ licenses. Quanta is not aware of any material obligations for performance
or payment asserted against it under any of these guarantees.
Employment Agreements
Quanta has various employment agreements with certain executives and other employees, which provide for
compensation and certain other benefits and for severance payments under certain circumstances. Certain
employment agreements also contain clauses that become effective upon a change of control of Quanta. Quanta
may be obligated to pay certain amounts to employees upon the occurrence of any of the defined events in the
various employment agreements.
Collective Bargaining Agreements
Several of Quanta’s operating units are parties to various collective bargaining agreements with unions that
represent certain of their employees. The collective bargaining agreements expire at various times and have
typically been renegotiated and renewed on terms similar to those in the expiring agreements. The agreements
require the operating units to pay specified wages, provide certain benefits to their union employees and
contribute certain amounts to multi-employer pension plans and employee benefit trusts. Quanta’s multiemployer
pension plan contribution rates generally are specified in the collective bargaining agreements (usually
on an annual basis), and contributions are made to the plans on a “pay-as-you-go” basis based on its union
employee payrolls, which cannot be determined for future periods because the location and number of union
employees that Quanta employs at any given time and the plans in which they may participate vary depending on
the projects Quanta has ongoing at any time and the need for union resources in connection with those projects.
The Pension Protection Act of 2006 also added special funding and operational rules generally applicable to
plan years beginning after 2007 for multi-employer plans that are classified as “endangered,” “seriously
endangered” or “critical” status based on a multitude of factors (including, for example, the plan’s funded
percentage, cash flow position and whether it is projected to experience a minimum funding deficiency). Plans in
these classifications must adopt measures to improve their funded status through a funding improvement or
rehabilitation plan, which may require additional contributions from employers (which may take the form of a
surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which Quanta
contributes are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if
any, that Quanta may be obligated to contribute to these plans in the future cannot be estimated, as such amounts
will likely be based on future levels of work that require the specific use of those union employees covered by
these plans, and the amount of that future work and the number of affected employees that may be needed cannot
reasonably be estimated.
Quanta may be subject to additional liabilities imposed by law as a result of its participation in multiemployer
defined benefit pension plans. For example, the Employee Retirement Income Security Act of 1974, as
amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain liabilities upon an
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
employer who is a contributor to a multi-employer pension plan if the employer withdraws from the plan or the
plan is terminated or experiences a mass withdrawal. These liabilities include an allocable share of the unfunded
vested benefits in the plan for all plan participants, not merely the benefits payable to a contributing employer’s
own retirees. As a result, participating employers may bear a higher proportion of liability for unfunded vested
benefits if other participating employers cease to contribute or withdraw, with the reallocation of liability being
more acute in cases when a withdrawn employer is insolvent or otherwise fails to pay its withdrawal liability.
Other than as described below, Quanta is not aware of any material amounts of withdrawal liability that have
been incurred as a result of a withdrawal by any of Quanta’s operating units from any multi-employer defined
benefit pension plans.
In the fourth quarter of 2011, Quanta recorded a partial withdrawal liability of approximately $32.6 million
related to the withdrawal by certain Quanta subsidiaries from the Central States Plan. The withdrawal followed
an amendment to a collective bargaining agreement with the International Brotherhood of Teamsters that
eliminated obligations to contribute to the Central States Plan, which is in critical status and is significantly
underfunded as to its vested benefit obligations. The amendment was negotiated by the Pipe Line Contractors
Association (PLCA) on behalf of its members, which include the Quanta subsidiaries that withdrew from the
Central States Plan. Quanta believed that withdrawing from the Central States Plan in the fourth quarter of 2011
was advantageous because it limited Quanta’s exposure to increased liabilities from a future withdrawal if the
underfunded status of the Central States Plan deteriorates further. Quanta and other PLCA members will
contribute to a different multi-employer pension plan on behalf of Teamsters employees, with contributions
currently being made to an escrow fund until the new plan is finalized.
The Central States Plan has asserted that the PLCA members did not effect a withdrawal in 2011, although
Quanta believes that a legally effective withdrawal occurred in the fourth quarter of 2011. If, however, the
Central States Plan were to prevail in its assertions and a withdrawal of the Quanta subsidiaries was deemed to
occur after 2011, the amount of any withdrawal liability could increase substantially, although the amount of any
such increase cannot yet be determined.
The partial withdrawal liability recognized by Quanta is based on the most recent information and estimates
received from the Central States Plan for a complete withdrawal by all Quanta companies participating in the
Central States Plan. Quanta expects the Central States Plan to issue a formal assessment of the partial withdrawal
liability, which is expected to occur no earlier than 2013, although timing of the assessment could be impacted by
the dispute over the withdrawal asserted by the Central States Plan. Once an assessment is received, Quanta may
seek to challenge and further negotiate the amount of the assessment. As a result, the final partial withdrawal
liability cannot yet be determined with certainty and could be materially higher or lower than the amount Quanta
recognized in the fourth quarter of 2011.
Certain other Quanta subsidiaries also continue to participate in the Central States Plan. Quanta is evaluating
the possibility of withdrawal of these subsidiaries from the plan, which will depend on various factors, including
negotiation of the terms of the collective bargaining agreements under which the subsidiaries participate and
whether exemptions from withdrawal liability applicable to construction industry employers will be available.
Given the unknown nature of some of these factors, the amount or timing of any liability upon withdrawal of the
subsidiaries remaining in the Central States Plan is uncertain. However, Quanta currently does not expect the
incremental liability upon withdrawal of the subsidiaries remaining in the Central States Plan to be material.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Indemnities
Quanta generally indemnifies its customers for the services it provides under its contracts, as well as other
specified liabilities, which may subject Quanta to indemnity claims and liabilities and related litigation. Quanta
has also indemnified various parties against specified liabilities that those parties might incur in the future in
connection with Quanta’s previous acquisitions of certain companies. The indemnities under acquisition
agreements are usually contingent upon the other party incurring liabilities that reach specified thresholds. As of
December 31, 2011, except as otherwise set forth above in Litigation and Claims, Quanta does not believe any
material liabilities for asserted claims exist against it in connection with any of these indemnity obligations.
15. SEGMENT INFORMATION:
Quanta presents its operations under four reportable segments: (1) Electric Power Infrastructure Services,
(2) Natural Gas and Pipeline Infrastructure Services, (3) Telecommunications Infrastructure Services and
(4) Fiber Optic Licensing. This structure is generally focused on broad end-user markets for Quanta’s services.
See Note 1 for additional information regarding Quanta’s reportable segments.
Quanta’s segment results are derived from the types of services provided across its operating units in each
of the end user markets described above. Quanta’s entrepreneurial business model allows each of its operating
units to serve the same or similar customers and to provide a range of services across end user markets. Quanta’s
operating units are organized into one of three internal divisions, namely, the electric power division, natural gas
and pipeline division and telecommunications division. These internal divisions are closely aligned with the
reportable segments described above based on their operating units’ predominant type of work, with the
operating units providing predominantly telecommunications and fiber optic licensing services being managed
within the same internal division.
Reportable segment information, including revenues and operating income by type of work, is gathered
from each operating unit for the purpose of evaluating segment performance in support of Quanta’s market
strategies. These classifications of Quanta’s operating unit revenues by type of work for segment reporting
purposes can at times require judgment on the part of management. Quanta’s operating units may perform joint
infrastructure service projects for customers in multiple industries, deliver multiple types of network services
under a single customer contract or provide service across industries, for example, joint trenching projects to
install distribution lines for electric power, natural gas and telecommunications customers.
In addition, Quanta’s integrated operations and common administrative support at each of its operating units
requires that certain allocations, including allocations of shared and indirect costs, such as facility costs, indirect
operating expenses including depreciation, and general and administrative costs, are made to determine operating
segment profitability. Corporate costs, such as payroll and benefits, employee travel expenses, facility costs,
professional fees, acquisition costs and amortization related to certain intangible assets are not allocated.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Summarized financial information for Quanta’s reportable segments is presented in the following table (in
thousands):
2011
Year Ended December 31,
2010 2009
Revenues:
Electric Power ................................. $3,029,678 $2,048,247 $2,067,845
Natural Gas and Pipeline ......................... 1,024,833 1,403,250 784,657
Telecommunications ............................ 457,278 372,934 378,363
Fiber Optic Licensing ........................... 112,040 106,787 87,261
Consolidated .................................. $4,623,829 $3,931,218 $3,318,126
Operating income (loss):
Electric Power ................................. $ 329,567 $ 206,040 $ 226,109
Natural Gas and Pipeline ......................... (78,543) 119,175 62,663
Telecommunications ............................ 36,774 14,864 25,346
Fiber Optic Licensing ........................... 54,199 52,698 44,143
Corporate and non-allocated costs ................. (124,314) (136,594) (116,139)
Consolidated .................................. $ 217,683 $ 256,183 $ 242,122
Depreciation:
Electric Power ................................. $ 50,035 $ 40,781 $ 40,284
Natural Gas and Pipeline ......................... 41,207 43,552 27,579
Telecommunications ............................ 5,948 6,631 6,520
Fiber Optic Licensing ........................... 13,829 12,749 9,419
Corporate and non-allocated costs ................. 5,049 3,794 3,060
Consolidated .................................. $ 116,068 $ 107,507 $ 86,862
Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures,
are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets which are
held at the operating unit level, include operating machinery, equipment and vehicles, as well as office
equipment, buildings and leasehold improvements, are used on an interchangeable basis across its reportable
segments. As such, for reporting purposes, total depreciation expense is allocated each quarter among Quanta’s
reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated
revenues.
Foreign Operations
During 2011, 2010, and 2009, Quanta derived $535.0 million, $256.1 million and $112.2 million,
respectively, of its revenues from foreign operations. Of Quanta’s foreign revenues, approximately 97%, 87%
and 84% were earned in Canada during the years ended December 31, 2011, 2010 and 2009, respectively. The
increase in revenues from foreign operations from 2010 is primarily attributable to 2010 and 2011 acquisitions.
In addition, Quanta held property and equipment of $114.8 million and $94.0 million in foreign countries,
primarily Canada, as of December 31, 2011 and 2010.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
16. QUARTERLY FINANCIAL DATA (UNAUDITED):
The table below sets forth the unaudited consolidated operating results by quarter for the years ended
December 31, 2011 and 2010 (in thousands, except per share information).
For the Three Months Ended
March 31, June 30, September 30, December 31,
2011:
Revenues ............................... $848,959 $1,010,914 $1,250,819 $1,513,137
Gross profit ............................. 70,891 154,090 194,690 200,928
Net income (loss) ........................
Net income (loss) attributable to common
(16,305) 34,313 55,600 70,808
stock ................................
Basic earnings (loss) per share attributable to
(17,594) 31,801 51,994 66,314
common stock .........................
Diluted earnings (loss) per share attributable to
$ (0.08) $ 0.15 $ 0.25 $ 0.32
common stock .........................
2010:
$ (0.08) $ 0.15 $ 0.25 $ 0.32
Revenues ............................... $748,283 $ 870,502 $1,206,007 $1,106,426
Gross profit ............................. 129,142 156,037 189,994 159,250
Net income ............................. 24,100 33,323 63,700 34,434
Net income attributable to common stock .....
Basic earnings per share attributable to common
23,744 32,986 62,780 33,666
stock ................................
Diluted earnings per share attributable to
$ 0.11 $ 0.16 $ 0.30 $ 0.16
common stock ......................... $ 0.11 $ 0.16 $ 0.30 $ 0.16
The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per
share as each period’s computation is based on the weighted average number of shares outstanding during the
period.
17. SUBSEQUENT EVENTS:
On January 9, 2012, Quanta acquired the assets, operations and business of Crux Subsurface, Inc. (Crux),
which is a geotechnical exploration and construction business providing contract drilling, micropile foundation
and related services. The aggregate consideration paid consisted of approximately $27.5 million in cash, 856,105
shares of Quanta common stock valued at approximately $16.7 million and the repayment of $4.2 million in debt.
As this transaction was effective January 9, 2012, the results of the acquired business will be included in
Quanta’s consolidated financial statements beginning on such date. This acquisition enables Quanta to further
enhance its electric power infrastructure service offerings. The financial results of Crux will generally be
included in Quanta’s Electric Power Infrastructure Services segment. Due to the timing of the acquisition, the
application of purchase price accounting has not yet been completed.
On January 4, 2012, Quanta acquired Microline Technology Corporation and its sister companies, Inline
Devices, LLC and IonEarth, LLC (collectively Microline), which together are an engineering, research and
development business that provides natural gas and oil downhole technical and engineering support services and
develops and manufactures related inspection tools, along with replacement parts and repair services. The
aggregate consideration paid for Microline consisted of approximately $6.8 million in cash, 320,619 shares of
Quanta common stock valued at approximately $6.4 million and the repayment of $0.9 million in debt. As this
transaction was effective January 4, 2012, the results of Microline will be included in Quanta’s consolidated
financial statements beginning on such date. This acquisition enables Quanta to further enhance its natural gas
and pipeline infrastructure service offerings. Microline’s financial results will generally be included in Quanta’s
Natural Gas and Pipeline Infrastructure Services segment. Due to the timing of the acquisition, the application of
purchase price accounting has not yet been completed.
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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There have been no changes in or disagreements with accountants on accounting and financial disclosure
within the parameters of Item 304(b) of Regulation S-K.
ITEM 9A. Controls and Procedures
Attached as exhibits to this Annual Report on Form 10-K are certifications of Quanta’s Chief Executive
Officer and Chief Financial Officer that are required in accordance with Rule 13a-14 of the Securities Exchange
Act of 1934, as amended (the Exchange Act). This “Controls and Procedures” section includes information
concerning the controls and controls evaluation referred to in the certifications, and it should be read in
conjunction with the certifications for a more complete understanding of the topics presented.
Evaluation of Disclosure Controls and Procedures
Our management has established and maintains a system of disclosure controls and procedures that are
designed to provide reasonable assurance that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act, such as this Annual Report, is recorded, processed, summarized and
reported within the time periods specified in the SEC rules and forms. The disclosure controls and procedures are
also designed to provide reasonable assurance that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosure.
As of the end of the period covered by this Annual Report, we evaluated the effectiveness of the design and
operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) of the Exchange Act. This
evaluation was carried out under the supervision and with the participation of our management, including our
Chief Executive Officer and Chief Financial Officer. Based on this evaluation, these officers have concluded
that, as of December 31, 2011, our disclosure controls and procedures were effective to provide reasonable
assurance of achieving their objectives.
Evaluation of Internal Control over Financial Reporting
Management’s report on internal control over financial reporting can be found in Item 8 of this Annual
Report under the heading “Report of Management” and is incorporated herein by reference. The report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, on the financial statements, and
its opinion on the effectiveness of internal control over financial reporting, can also be found in Item 8 of this
Annual Report under the heading “Report of Independent Registered Public Accounting Firm” and is
incorporated herein by reference.
There has been no change in our internal control over financial reporting that occurred during the quarter
ended December 31, 2011, that has materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.
Design and Operation of Control Systems
Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that
our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the control system’s objectives will be met. The design of a control system must
reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their
costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances
124

of fraud, if any, within the company have been detected. These inherent limitations include the realities that
judgments in decision-making can be faulty and breakdowns can occur because of simple errors or mistakes.
Controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by
management override of the controls. The design of any system of controls is based in part on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions. Over time, controls may become inadequate
because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
ITEM 9B. Other Information
None.
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PART III
ITEM 10. Directors, Executive Officers and Corporate Governance
Information regarding our directors and executive officers required by Item 401 of Regulation S-K is set
forth under the sections entitled “Election of Directors” and “Executive Officers” in our Definitive Proxy
Statement for the 2012 Annual Meeting of Stockholders to be filed with the SEC pursuant to the Exchange Act
within 120 days of the end of our fiscal year on December 31, 2011 (2012 Proxy Statement), which sections are
incorporated herein by reference.
Information regarding compliance by our directors and executive officers with Section 16(a) of the
Exchange Act required by Item 405 of Regulation S-K is set forth under the section entitled “Section 16(a)
Beneficial Ownership Reporting Compliance” in our 2012 Proxy Statement, which section is incorporated herein
by reference.
Information regarding our adoption of a code of ethics required by Item 406 of Regulation S-K is set forth
under the section entitled “Corporate Governance — Code of Ethics and Business Conduct” in our 2012 Proxy
Statement, which section is incorporated herein by reference.
Information regarding any changes in our director nomination procedures required by Item 407(c)(3) of
Regulation S-K is set forth under the sections entitled “Corporate Governance — Identifying and Evaluating
Nominees for Director” and “Additional Information — Stockholder Proposals and Nominations of Directors for
the 2013 Annual Meeting” in our 2012 Proxy Statement, which sections are incorporated herein by reference.
Information regarding our audit committee required by Item 407(d)(4) and (d)(5) of Regulation S-K is set
forth under the section entitled “Corporate Governance — Audit Committee” in our 2012 Proxy Statement,
which section is incorporated herein by reference.
ITEM 11. Executive Compensation
Information regarding executive officer and director compensation required by Item 402 of Regulation S-K
is set forth under the sections entitled “Executive Compensation and Other Matters” and “Corporate
Governance — Director Compensation” in our 2012 Proxy Statement, which sections are incorporated herein by
reference.
Information regarding our compensation committee required by Item 407(e)(4) and (e)(5) of Regulation S-K
is set forth under the sections entitled “Corporate Governance — Compensation Committee Interlocks and
Insider Participation” and “Compensation Committee Report” in our 2012 Proxy Statement, which sections are
incorporated herein by reference.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
Information regarding securities authorized for issuance under equity compensation plans required by
Item 201(d) of Regulation S-K is set forth under the section entitled “Executive Compensation and Other
Matters — Equity Compensation Plan Information” in our 2012 Proxy Statement, which section is incorporated
herein by reference.
Information regarding security ownership required by Item 403 of Regulation S-K is set forth under the
section entitled “Stock Ownership of Certain Beneficial Owners and Management” in our 2012 Proxy Statement,
which section is incorporated herein by reference.
126

ITEM 13. Certain Relationships and Related Transactions, and Director Independence
Information regarding transactions with related persons, promoters and certain control persons required by
Item 404 of Regulation S-K is set forth under the section entitled “Certain Transactions” in our 2012 Proxy
Statement, which section is incorporated herein by reference.
Information regarding director independence required by Item 407(a) of Regulation S-K is set forth under
the section entitled “Corporate Governance — Board Independence” in our 2012 Proxy Statement, which
section is incorporated herein by reference.
ITEM 14. Principal Accounting Fees and Services
The information required by this item is set forth under the section entitled “Audit Fees” in our 2012 Proxy
Statement, which section is incorporated herein by reference.
127

PART IV
ITEM 15. Exhibits and Financial Statement Schedules
The following financial statements, schedules and exhibits are filed as part of this Report:
(1) Financial Statements. Reference is made to the Index to Consolidated Financial Statements on
page 72 of this Report.
(2) All schedules are omitted because they are not applicable or the required information is shown in the
financial statements or the notes to the financial statements.
(3) Exhibits
128

EXHIBIT INDEX
Exhibit
No. Description
2.1 — Agreement and Plan of Merger dated September 2, 2009, by and among Quanta Services, Inc.,
Quanta Sub, LLC, Price Gregory Services, Incorporated, and certain stockholders of Price Gregory
Services, Incorporated named therein (previously filed as Exhibit 2.1 to the Company’s Form 8-K
(No. 001-13831) filed September 8, 2009 and incorporated herein by reference)
2.2 — Share Purchase Agreement dated as of October 22, 2010, by and among Quanta Services, Inc.,
Quanta Services EC Canada Ltd., Quanta Services CC Canada Ltd., the stockholders of Valard
Construction (2008) Ltd., Valard Construction Ltd. and Sharp’s Construction Services 2006 Ltd.,
and the covenantors named therein (previously filed as Exhibit 2.1 to the Company’s Form 8-K
(No. 001-13831) filed October 28, 2010 and incorporated herein by reference)
3.1 — Restated Certificate of Incorporation of Quanta Services, Inc. (previously filed as Exhibit 3.3 to
the Company’s Form 8-K (No. 001-13831) filed May 25, 2011 and incorporated herein by
reference)
3.2 — Bylaws of Quanta Services, Inc., as amended and restated May 19, 2011 (previously filed as
Exhibit 3.4 to the Company’s Form 8-K (No. 001-13831) filed May 25, 2011 and incorporated
herein by reference)
4.1 — Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Company’s Registration
Statement on Form S-1/Amendment No. 2 (No. 333-42957) filed February 9, 1998 and
incorporated herein by reference)
10.1* — 2001 Stock Incentive Plan as amended and restated March 13, 2003 (previously filed as
Exhibit 10.43 to the Company’s Form 10-Q for the quarter ended March 31, 2003 (No. 001-13831)
filed May 15, 2003 and incorporated herein by reference)
10.2* — 2001 Stock Incentive Plan Form of Current Employee Restricted Stock Agreement (previously
filed as Exhibit 10.1 to the Company’s Form 8-K (No. 001-13831) filed March 4, 2005 and
incorporated herein by reference)
10.3* — 2001 Stock Incentive Plan Form of Director Restricted Stock Agreement (previously filed as
Exhibit 10.4 to the Company’s Form 10-K for the year ended December 31, 2004 (No. 001-13831)
filed March 16, 2005 and incorporated herein by reference)
10.4* — 2001 Stock Incentive Plan Form of New Employee Restricted Stock Agreement (previously filed
as Exhibit 10.5 to the Company’s Form 10-K for the year ended December 31, 2004 (No. 001-
13831) filed March 16, 2005 and incorporated herein by reference)
10.5* — First Amendment to Quanta Services, Inc. 2001 Stock Incentive Plan, as amended and restated
March 13, 2003 (previously filed as Exhibit 99.1 to the Company’s Form 8-K (No. 001-13831)
filed April 23, 2007 and incorporated herein by reference)
10.6* — Quanta Services, Inc. 2007 Stock Incentive Plan (previously filed as Exhibit 99.1 to the
Company’s Form 8-K (No. 001-13831) filed May 29, 2007 and incorporated herein by reference)
10.7* — Form of Restricted Stock Agreement for awards to employees/consultants pursuant to the 2007
Stock Incentive Plan (previously filed as Exhibit 99.2 to the Company’s Form 8-K (No. 001-
13831) filed May 29, 2007 and incorporated herein by reference)
10.8* — Form of Restricted Stock Agreement for awards to non-employee directors pursuant to the 2007
Stock Incentive Plan (previously filed as Exhibit 99.3 to the Company’s Form 8-K (No. 001-
13831) filed May 29, 2007 and incorporated herein by reference)
10.9* — InfraSource Services, Inc. 2003 Omnibus Stock Incentive Plan, as amended (previously filed as
Exhibit 10.5 to InfraSource Services’ Registration Statement on Form S-1 (Registration No. 333-
112375) filed January 30, 2004 and incorporated herein by reference)
129

Exhibit
No. Description
10.10* — InfraSource Services, Inc. 2004 Omnibus Stock Incentive Plan, as amended (previously filed as
Exhibit 10.1 to InfraSource Services’ Form 8-K (Registration No. 001-32164) filed November 14,
2006 and incorporated herein by reference)
10.11* — Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (previously filed as Exhibit 4.5 to the
Company’s Form S-8 (No. 333-174374) filed May 20, 2011 and incorporated herein by reference)
10.12*ˆ — Form of Restricted Stock Agreement for awards to employees/consultants pursuant to the 2011
Omnibus Equity Incentive Plan accommodating electronic acceptance
10.13*ˆ — Form of Restricted Stock Agreement for awards to non-employee directors pursuant to the 2011
Omnibus Equity Incentive Plan accommodating electronic acceptance
10.14* — Employment Agreement dated March 24, 2011, effective as of May 19, 2011, by and between
Quanta Services, Inc. and John R. Colson (previously filed as Exhibit 10.1 to the Company’s
Form 8-K (No. 001-13831) filed March 25, 2011 and incorporated herein by reference)
10.15* — Employment Agreement dated March 24, 2011, effective as of May 19, 2011, by and between
Quanta Services, Inc. and James F. O’Neil III (previously filed as Exhibit 10.2 to the Company’s
Form 8-K (No. 001-13831) filed March 25, 2011 and incorporated herein by reference)
10.16* — Second Amended and Restated Employment Agreement dated as of May 21, 2003, by and
between Quanta Services, Inc. and James H. Haddox (previously filed as Exhibit 10.45 to the
Company’s Form 10-Q for the quarter ended June 30, 2003 (No. 001-13831) filed August 14,
2003 and incorporated herein by reference)
10.17* — Amendment No. 1 to Second Amended and Restated Employment Agreement dated as of
November 6, 2008, by and between Quanta Services, Inc. and James H. Haddox (previously filed
as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended September 30, 2008 (No. 001-
13831) filed November 10, 2008 and incorporated herein by reference)
10.18* — Employment Agreement dated as of January 1, 2010, by and between Quanta Services, Inc. and
Earl C. Austin, Jr. (previously filed as Exhibit 10.1 to the Company’s Form 8-K (No. 001-13831)
filed January 4, 2010 and incorporated herein by reference)
10.19* — Employment Agreement dated as of June 1, 2004, by and between Quanta Services, Inc. and
Kenneth W. Trawick (previously filed as Exhibit 10.1 to the Company’s Form 10-Q for the
quarter ended June 30, 2004 (No. 001-13831) filed August 9, 2004 and incorporated herein by
reference)
10.20* — Amendment No. 1 to Employment Agreement dated as of March 17, 2007, by and between
Quanta Services, Inc. and Kenneth W. Trawick (previously filed as Exhibit 10.1 to the Company’s
Form 8-K (001-13831) filed March 19, 2007 and incorporated herein by reference)
10.21* — Amendment No. 2 to Employment Agreement dated as of November 6, 2008, by and between
Quanta Services, Inc. and Kenneth W. Trawick (previously filed as Exhibit 10.3 to the Company’s
Form 10-Q for the quarter ended September 30, 2008 (No. 001-13831) filed November 10, 2008
and incorporated herein by reference)
10.22 — Second Amended and Restated Credit Agreement dated as of August 2, 2011, among
Quanta Services, Inc., as Borrower, the subsidiaries of Quanta Services, Inc. identified therein, as
Guarantors, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an
L/C Issuer, and the Lenders party thereto (previously filed as Exhibit 99.1 to the Company’s
Form 8-K (No. 001-13831) filed August 8, 2011 and incorporated herein by reference)
130

Exhibit
No. Description
10.23 — Second Amended and Restated Security Agreement dated as of August 2, 2011, among Quanta
Services, Inc., the other Debtors identified therein, and Bank of America, N.A., as Administrative
Agent for the ratable benefit of the Secured Parties (previously filed as Exhibit 99.2 to the
Company’s Form 8-K (No. 001-13831) filed August 8, 2011 and incorporated herein by
reference)
10.24 — Second Amended and Restated Pledge Agreement dated as of August 2, 2011, among Quanta
Services, Inc., the other Pledgors identified therein, and Bank of America, N.A., as
10.25
Administrative Agent for the ratable benefit of the Secured Parties (previously filed as
Exhibit 99.3 to the Company’s Form 8-K (No. 001-13831) filed August 8, 2011 and incorporated
herein by reference)
— Assignment and Assumption Agreement dated as of August 30, 2007, by and between
InfraSource Services, Inc. and Quanta Services, Inc. (previously filed as Exhibit 10.3 to Quanta’s
Form 8-K (001-13831) filed September 6, 2007 and incorporated herein by reference)
10.26 — Underwriting, Continuing Indemnity and Security Agreement dated as of March 14, 2005 by
Quanta Services, Inc. and the subsidiaries and affiliates of Quanta Services, Inc. identified
therein, in favor of Federal Insurance Company (previously filed as Exhibit 10.1 to the
Company’s Form 8-K (No. 001-13831) filed March 16, 2005 and incorporated herein by
reference)
10.27 — Intercreditor Agreement dated March 14, 2005 by and between Federal Insurance Company and
Bank of America, N.A., as Lender Agent on behalf of the other Lender Parties (under the
Company’s Credit Agreement, as amended) and agreed to by Quanta Services, Inc. and the
subsidiaries and affiliates of Quanta Services, Inc. identified therein (previously filed as
Exhibit 10.2 to the Company’s Form 8-K (No. 001-13831) filed March 16, 2005 and
incorporated herein by reference)
10.28 — Joinder Agreement and Amendment to Underwriting, Continuing Indemnity and Security
Agreement dated as of November 28, 2006, among American Home Assurance Company,
National Union Fire Insurance Company of Pittsburgh, Pa., The Insurance Company of the State
of Pennsylvania, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors
identified therein (previously filed as Exhibit 99.1 to the Company’s Form 8-K (No. 001-13831)
filed December 4, 2006 and incorporated herein by reference)
10.29 — Second Amendment to Underwriting, Continuing Indemnity and Security Agreement dated as of
January 9, 2008, among American Home Assurance Company, National Union Fire Insurance
Company of Pittsburgh, Pa., The Insurance Company of the State of Pennsylvania, Federal
Insurance Company, Quanta Services, Inc., and the other Indemnitors identified therein
(previously filed as Exhibit 10.34 to the Company’s Form 10-K for the year ended December 31,
2007 (No. 001-13831) filed February 29, 2008 and incorporated herein by reference)
10.30ˆ — Joinder Agreement and Third Amendment to Underwriting, Continuing Indemnity and Security
Agreement dated as of December 19, 2008,, among American Home Assurance Company,
National Union Fire Insurance Company of Pittsburg, Pa., The Insurance Company of the State
of Pennsylvania, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors
identified therein
10.31 — Joinder Agreement and Fourth Amendment to Underwriting, Continuing Indemnity and Security
Agreement dated as of March 31, 2009, among American Home Assurance Company, National
Union Fire Insurance Company of Pittsburg, Pa., The Insurance Company of the State of
Pennsylvania, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company,
Safeco Insurance Company of America, Federal Insurance Company, Quanta Services, Inc., and
the other Indemnitors identified therein (previously filed as Exhibit 99.1 to the Company’s
Form 8-K (No. 001-13831) filed April 1, 2009 and incorporated herein by reference)
131

Exhibit No. Description
10.32 — Support Agreement dated as of October 25, 2010, by and among Quanta Services, Inc., Quanta
Services EC Canada Ltd., Quanta Services CC Canada Ltd., and certain stockholders of Valard
Construction (2008) Ltd., Valard Construction Ltd. and Sharp’s Construction Services 2006
Ltd. (previously filed as Exhibit 10.1 to the Company’s Form 8-K (No. 001-13831) filed
October 28, 2010 and incorporated herein by reference)
10.33* — Director Compensation Summary effective as of the 2011 Annual Meeting of the Board of
Directors (previously filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended
June 30, 2011 (No. 001-13831) filed August 5, 2011 and incorporated herein by reference)
10.34* — 2011 Incentive Bonus Plan (previously filed as Exhibit 10.1 to the Company’s Form 8-K
(No. 001-13831) filed March 7, 2011 and incorporated herein by reference)
10.35* — Form of Amended and Restated Indemnity Agreement (previously filed as Exhibit 10.1 to the
Company’s Form 8-K (No. 001-13831) filed January 31, 2012 and incorporated herein by
reference)
21.1ˆ — Subsidiaries
23.1ˆ — Consent of PricewaterhouseCoopers LLP
31.1ˆ — Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2ˆ — Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1† — Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-
14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
101.INSˆ XBRL Instance Document.
101.SCHˆ XBRL Taxonomy Extension Schema Document.
101.CALˆ XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABˆ XBRL Taxonomy Extension Label Linkbase Document.
101.PREˆ XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFˆ XBRL Taxonomy Extension Definition Linkbase Document.
* Management contracts or compensatory plans or arrangements
ˆ Filed with this Annual Report on Form 10-K.
† Furnished with this Annual Report on Form 10-K.
132

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Quanta
Services, Inc. has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Houston, State of Texas, on February 29, 2012.
QUANTA SERVICES, INC.
By: /s/ JAMES F. O’NEIL III
James F. O’Neil III
President and Chief Executive Officer
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints James F. O’Neil III and James H. Haddox, each of whom may act without joinder of the
other, as their true and lawful attorneys-in-fact and agents, each with full power of substitution and
resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the
following persons in the capacities indicated on February 29, 2012.
Signature Title
/s/ JAMES F. O’NEIL III
James F. O’Neil III
/s/ JAMES H. HADDOX
James H. Haddox
/s/ DERRICK A. JENSEN
Derrick A. Jensen
/s/ JOHN R. COLSON
John R. Colson
/s/ JAMES R. BALL
James R. Ball
/s/ J. MICHAL CONAWAY
J. Michal Conaway
/s/ RALPH R. DISIBIO
Ralph R. Disibio
President and Chief Executive Officer and Director
(Principal Executive Officer)
Chief Financial Officer
(Principal Financial Officer)
Senior Vice President — Finance and Administration
and Chief Accounting Officer
(Principal Accounting Officer)
133
Executive Chairman of the Board
Director
Director
Director

Signature Title
/s/ VINCENT D. FOSTER
Vincent D. Foster
/s/ BERNARD FRIED
Bernard Fried
/s/ LOUIS C. GOLM
Louis C. Golm
/s/ WORTHING F. JACKMAN
Worthing F. Jackman
/s/ BRUCE RANCK
Bruce Ranck
/s/ PAT WOOD, III
Pat Wood, III
134
Director
Director
Director
Director
Director
Director

Directors JOHN R. COLSON Executive Chairman, Quanta Services, Inc.
Executive
Officers
New York
Stock Exchange
Transfer Agent
Auditors
Investor Relations
Ticker Symbol
JAMES R. BALL 1 Private Investor, Former President and Chief Executive Officer, Vista Chemical Company
J. MICHAL CONAWAY 1, 3 Chief Executive Officer, Peregrine Group, LLC
RALPH R. DISIBIO 2 Senior Consultant, Former President of Energy and Environment Business Unit,
Washington Group International, Inc.
VINCENT D. FOSTER 2 Chief Executive Officer, Main Street Capital Corporation
BERNARD FRIED 1 Executive Chairman, Energy Solutions International
LOUIS C. GOLM 2, 3 Private Investor, Former President and Chief Executive Officer, AT&T-Japan
WORTHING F. JACKMAN 1 Executive Vice President and Chief Financial Officer, Waste Connections, Inc.
JAMES F. O’NEIL, III President & Chief Executive Officer, Quanta Services, Inc.
BRUCE RANCK 2, 3 Partner, Bayou City Partners, Former Chief Executive Officer and President, Browning-Ferris Industries, Inc.
PAT WOOD, III 3 Principal, Wood3 Resources, Former Chairman, Federal Energy Regulatory Commission
JOHN R. COLSON Executive Chairman of the Board
1 Audit Committee 2 Compensation Committee 3 Governance and Nominating Committee
JAMES F. O’NEIL III President & Chief Executive Officer & Director
JAMES H. HADDOx Chief Financial Officer
EARL C. AUSTIN, JR. President, Electric Power & Natural Gas & Pipeline Divisions
KENNETH W. TRAWICK President, Telecommunications & Renewable Energy Divisions
DERRICK A. JENSEN Senior Vice President, Finance & Administration & Chief Accounting Officer
BENADETTO G. BOSCO Senior Vice President, Business Development & Outsourcing
TANA L. POOL Vice President & General Counsel
NICHOLAS M. GRINDSTAFF Vice President Finance & Treasurer
DARREN B. MILLER Vice President, Information Technology & Administration
Last year, our Annual CEO Certification, without qualifications, was timely submitted to the NYSE. Also, we have filed our certifications
required under The Sarbanes-Oxley Act of 2002 as exhibits to our Form 10-K.
American Stock Transfer & Trust Co. 59 Maiden Lane, Plaza Level New York, New York 10038 718.921.8200
PricewaterhouseCoopers LLP 1201 Louisiana Street Suite 2900 Houston, Texas 77002 713.356.4000
James H. Haddox or Kip Rupp, Quanta Services, Inc. 713.629.7600 713.629.7676 investors@quantaservices.com
PWR

Quanta Services, Inc.
2800 Post Oak Blvd.
Suite 2600
Houston, TX 77056
Tel: 713.629.7600
quantaservices.com

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document 1 of 10
Dycom Industries, Inc.; Dycom to Acquire Telecommunications Infrastructure Services Subsidiaries
From Quanta Services
Engineering Business Journal (Dec 5, 2012): 46.
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Abstract (summary)
A conference call to review the Company's first quarter of fiscal 2013 results, together with the announced acquisition of Quanta's telecommunications
infrastructure services subsidiaries, will be hosted at 9 a.m. (ET), Tuesday, November 20, 2012; call (800) 230-1074 (United States) or (612) 234-9959
(International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call.A live webcast of the conference call, along
with related materials, will be available at http://www.dycomind.com under the heading "Events."
Full Text
2012 DEC 5 (VerticalNews) -- By a News Reporter-Staff News Editor at Engineering Business Journal -- Dycom Industries, Inc. (NYSE: DY) announced that it
has entered into a definitive agreement with Quanta Services, Inc. (NYSE: PWR) to acquire substantially all of Quanta's domestic telecommunications
infrastructure services subsidiaries for approximately $275 million in cash.
The acquired subsidiaries provide specialty contracting services, including engineering, construction, maintenance and installation services to
telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. Principal business facilities are
located in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania, and Washington.
The acquired subsidiaries currently operate in 49 states, serve over 300 individual customers and employ more than 2,400 personnel. Trailing 12 month
revenues to September 30, 2012 were approximately $535 million of which approximately $138 million related to projects funded in part by The American
Recovery and Reinvestment Act of 2009 ("ARRA").
"This transaction strategically strengthens our customer base, geographic scope, and technical service offerings," said Steven Nielsen, President and Chief
Executive Officer of Dycom. "It significantly enhances our rural telecommunications engineering and construction capabilities, provides additional
construction resources for wireless carriers and reinforces our already robust competence in broadband construction. Given recent industry announcements
indicating growing expenditures from our customers and a very attractive financing environment, we believe this is the right time to increase our scale."
Subject to customary closing conditions, the acquisition is expected to be completed by December 31, 2012. The acquired subsidiaries are currently
expected to produce calendar year 2013 revenues ranging from $400 million to $450 million. Excluding one-time transaction and integration costs of
approximately $12 million to $15 million, the acquisition is currently expected to produce $0.05 to $0.10 per share of earnings accretion on an annual basis,
after non-cash amortization expense.
The purchase price of approximately $275 million, which is subject to adjustments for working capital and other specified items, will be financed with a new
$400 million senior secured credit facility arranged and syndicated by Bank of America Merrill Lynch and Wells Fargo Securities, LLC.
Goldman, Sachs & Co. and Barclays acted as financial advisors to Dycom. Shearman & Sterling LLP served as Dycom's outside legal counsel.
A conference call to review the Company's first quarter of fiscal 2013 results, together with the announced acquisition of Quanta's telecommunications
infrastructure services subsidiaries, will be hosted at 9 a.m. (ET), Tuesday, November 20, 2012; call (800) 230-1074 (United States) or (612) 234-9959
(International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call.A live webcast of the conference call, along
with related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at
approximately 8 a.m. (ET) on November 20, 2012. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the
conference call materials will be available at http://www.dycomind.com until Thursday, December 20, 2012.
Dycom is a leading provider of specialty contracting services. These services, which are provided throughout the United States and in Canada, include
engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities,
including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others.
Keywords for this news article include: Engineering, Dycom Industries Inc..
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2012, NewsRx LLC
Copyright 2012, Engineering Business Journal via NewsRx.com
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12/6/2012

Subject Acquisitions & mergers;
American Recovery & Reinvestment Act 2009-US;
Construction;
Natural gas utilities;
Webcasting
Company/organization Name: New York Stock Exchange--NYSE
NAIC: 523210;
Name: Dycom Industries Inc
NAIC: 541310, 238210
Title Dycom Industries, Inc.; Dycom to Acquire Telecommunications Infrastructure
Services Subsidiaries From Quanta Services
Publication title Engineering Business Journal
First page 46
Publication year 2012
Publication date Dec 5, 2012
Year 2012
Publisher NewsRx
Place of publication Atlanta
Country of publication United States
Journal subject Business And Economics, Engineering
ISSN 1945-7006
Source type Trade Journals
Language of publication English
Document type Expanded Reporting
ProQuest document ID 1220421369
Document URL http://ezproxy.spl.org:2048/login?
url=http://search.proquest.com/docview/1220421369?accountid=1135
Copyright Copyright 2012, Engineering Business Journal via NewsRx.com
Last updated 2012-11-28
Database ABI/INFORM Trade & Industry
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Page 2 of 26
12/6/2012

document 2 of 10
Deal snapshot: QUANTA FINALISES DISPOSAL OF TELECOMS UNITS TO DYCOM
M & A Navigator [London] 05 Dec 2012.
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Abstract (summary)
MANAVIGATOR-December 5, 2012-Deal snapshot: QUANTA FINALISES DISPOSAL OF TELECOMS UNITS TO DYCOM
Full Text
MANAVIGATOR-December 5, 2012-Deal snapshot: QUANTA FINALISES DISPOSAL OF TELECOMS UNITS TO DYCOM
(C)2012 M2 COMMUNICATIONS http://www.m2.com
US speciality contracting services provider Quanta Services Inc (NYSE:PWR) has concluded the divestment of its telecommunications units to local peer
Dycom Industries Inc (NYSE:DY), the parties announced in separate statements.
Country: USA
Sector: Telecommunications
Target: Quanta's telecommunications units
Buyer: Dycom Industries Inc
Vendor: Quanta Services Inc
Deal size in USD: 315m
Type: Divestment
Financing: Cash & Debt, Existing resources
Status: Closed
Comment: The deal size includes up to USD40m related to working capital adjustments.
((Comments on this story may be sent to info@m2.com))
(Copyright M2 Communications, 2012)
Indexing (details)
Title Deal snapshot: QUANTA FINALISES DISPOSAL OF TELECOMS UNITS TO DYCOM
Publication title M & A Navigator
Publication year 2012
Publication date Dec 5, 2012
Year 2012
Publisher Normans Media Ltd
Place of publication London
Country of publication United Kingdom
Journal subject Business And Economics
Source type Wire Feeds
Language of publication English
Document type News
ProQuest document ID
Document URL
1221805784
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Database ABI/INFORM Trade & Industry
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document 3 of 10
Dycom Industries to Buy Quanta Assets
By Tess Stynes; Cai, Debbie. Dow Jones DBR High Yield (Nov 20, 2012): n/a.
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Abstract (summary)
Dycom Industries Inc.'s fiscal first-quarter earnings fell 8.5% as margins weakened and the telecommunications contractor also unveiled plans to buy assets
of Quanta Services Inc. for about $275 million in cash, a deal that strengthens the company's customer base, geographic scope and technical service
offerings.
Full Text
Dycom Industries Inc.'s fiscal first-quarter earnings fell 8.5% as margins weakened and the telecommunications contractor also unveiled plans to buy assets
of Quanta Services Inc. for about $275 million in cash, a deal that strengthens the company's customer base, geographic scope and technical service
offerings.
Dycom said it intends to acquire substantially all of Quanta's domestic telecommunications infrastructure services subsidiaries. Quanta's facilities are located
in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania, and Washington.
President and Chief Executive Steven Nielsen said the Quanta acquisition "significantly enhances our rural telecommunications engineering and construction
capabilities, provides additional construction resources for wireless carriers and reinforces our already robust competence in broadband construction."
The deal is expected to be completed by Dec. 31 and is projected to be accretive to annual earnings by five cents to 10 cents a share.
Dycom provides engineering, construction, installation and maintenance services to telecom companies and utilities. The company had been posting doubledigit
revenue growth for several quarters before the pace moderated in the fiscal fourth quarter amid soft capital spending trends in the telecom sector.
For the quarter ended Oct. 27, Dycom reported a profit of $11.9 million, or 35 cents a share, down from $13 million, or 38 cents a share, a year earlier.
Excluding $710,000 in acquisition-related costs, earnings were down at 36 cents from 38 cents. Analysts polled by Thomson Reuters most recently projected
earnings of 34 cents.
Contract revenue increased 1.2%, to $323.3 million, including $3.7 million in storm restoration revenue. The company in August expected that revenue
would be slightly down to flat year-over-year.
Gross margin narrowed to 6.8% from 7.2% as total costs rose 1.6%.
Quanta, which installs and maintains networks for electric power, gas and telephone companies, has seen increased revenue in recent quarters as more
renewable projects break ground on construction. But the company has warned that regulatory and permitting hurdles may damp demand for its services in
the near term. Its recent third-quarter earnings surged 85% on significant revenue gains.
Write to Tess Stynes at tess.stynes@dowjones.com and Debbie Cai at debbie.cai@dowjones.com
(c) 2012 Dow Jones & Company, Inc.
Indexing (details)
Subject Acquisitions & mergers;
Construction companies;
Financial performance;
Earnings
Location United States--US
Company/organization Name: Dycom Industries Inc
NAIC: 238210, 541310;
Name: Quanta Services Inc
NAIC: 237130, 238210
Classification 8370: Construction & engineering industry, 9190: United States,
3100: Capital & debt management
Title Dycom Industries to Buy Quanta Assets
Author By Tess Stynes; Cai, Debbie
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Publication title Dow Jones DBR High Yield
Pages n/a
Publication year 2012
Publication date Nov 20, 2012
Year 2012
Publisher Dow Jones & Company, Inc. Financial Information Services
Place of publication New York
Country of publication United States
Journal subject Business And Economics--Investments
Source type Trade Journals
Language of publication English
Document type News
ProQuest document ID 1178887133
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Copyright (c) 2012 Dow Jones & Company, Inc.
Last updated 2012-11-28
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document 4 of 10
Q3 2012 Quanta Services, Inc. Earnings Conference Call - Final
Fair Disclosure Wire [Waltham] 31 Oct 2012.
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Abstract (summary)
None available.
Full Text
Presentation
OPERATOR: Welcome to the Quanta Services third-quarter 2012 earnings conference call. At this time, all participants are in a listen-only mode. Later, we
will conduct a question-and-answer session with instructions provided.
(Operator Instructions)
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As a reminder, this conference is being recorded today, Wednesday, October 31, 2012, and I would now like to turn the conference over to Mr. Kip Rupp,
Vice President, Investor Relations. Please go ahead.
KIP RUPP, VP, IR, QUANTA SERVICES, INC.: Thank you, Luke, and welcome everyone to the Quanta Services conference call to review third-quarter 2012
results. Before I turn the call over to management, I have the normal housekeeping details to run through. If you would like to have Quanta news releases
and other information e-mailed to you when they occur, please sign up for e-mail information alerts by going to the Investors and Media section of Quanta
Services' website at QuantaServices.com. A replay of today's call will be available on Quanta's website at QuantaServices.com. In addition, a telephonic
recorded instant replay will be available for the next seven days, 24 hours a day, that can be accessed as set forth in the press release.
Please remember that information reported on this call speaks only as of today, October 31, 2012, and, therefore, you are advised that any time-sensitive
information may no longer be accurate as of the time of any replay of this call. This conference call will include forward-looking statements intended to
qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all
statements reflecting Quanta's expectations, intentions, assumptions, or beliefs about future events or performance, or that do not solely relate to historical
or current facts. Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict, or are beyond Quanta's
control, and actual results may differ materially from those expected or implied as forward-looking statements.
Management cautions that you should not place undue reliance on Quanta's forward-looking statements and Quanta does not undertake any obligation to
update any forward-looking statements to reflect events or circumstances after this call. For additional information concerning some of the risks,
uncertainties, and assumptions that could affect Quanta's forward-looking statements, please refer to the Company's annual report on Form 10-K for the
year ended December 31, 2011, its quarterly reports on Form 10-Q and its other documents filed with the Securities and Exchange Commission, which may
be obtained on Quanta's website or through the SEC's website at SEC.gov. With that, I would now like to turn the call over to Mr. Jim O'Neil, Quanta's
President and CEO. Jim?
JIM O'NEIL, PRESIDENT AND CEO, QUANTA SERVICES INC: Good morning, everyone, and welcome to Quanta Services' third-quarter 2012 earnings
conference call. Before I begin the call, on behalf of the Quanta management team, we would like to express our concerns to our friends, analysts, and
shareholders that may have been impacted by Hurricane Sandy, many of whom may not be able to participate on the call today. You are in our thoughts and
prayers. After my operational overview, I will turn the call over to Derrick Jensen, Quanta's Chief Financial Officer, who will provide a detailed review of our
third-quarter financial results. Following Derrick's comments, we welcome your questions.
We continue to see market momentum in our infrastructure segments, particularly our electric transmission and pipeline services. In addition, because of
the many nuances in building major infrastructure projects in today's challenging environment, our customers have become more selective in choosing a
construction partner that can successfully manage safety and environmental concerns, project timelines and execution while meeting budget expectations.
Our third-quarter performance reflects our customers' continued confidence in our ability to exceed expectations with consistent, safe, and efficient
execution. We also expect strong demand for our services in the future, from a broadening customer base, as our infrastructure projects move forward.
Our revenues in the third quarter were a record $1.69 billion, a 35% increase compared to the third quarter of 2011. Revenues for the first nine months of
this year have increased almost 49%, compared to the same period last year. Our 12-month backlog is at record levels. Our employee count at the end of
this year's third quarter was approximately 21,000, up 21% compared to the third quarter of last year, and up 20% since the end of 2011. Although
emergency restoration service revenues were $81 million for the quarter, the highest quarterly levels since Hurricane Rita hit the Gulf coast in the third
quarter of 2008, the quarter-over-quarter increase of $16 million was negligible relative to the overall revenue growth in the quarter.
Our third-quarter results were primarily driven by strong performance in our Electric Power segment, due to the significant volume of electric transmission
projects underway, and our ability to safely execute those projects. Improved performance, quarter-over-quarter and sequentially, from our Natural Gas and
Pipeline and Telecommunications segments also contributed to the strong results. Our Electric Power segment revenues continue to reflect significant
growth, and 12-month backlog grew, due to new contract awards. During the third quarter, Quanta was selected for three large electric transmission
projects, which have an aggregate value of approximately $400 million. We secured a contract from ATCO Electric to install transmission infrastructure for
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their Hanna Region Transmission Development Project in Southeast Alberta, Canada. This project is in the early stages of construction and is expected be
completed in 2013.
Southern California Edison, or SCE, selected Quanta to install transmission infrastructure for SCE's Eldorado-Ivanpah Transmission Project. This project is in
construction, with completion estimated by July of 2013. In addition, SCE selected Quanta to construct its Red Bluff Substation project, which also includes
the installation of two parallel transmission line segments in Eastern Riverside County, California. This project is in construction, and is expected to be
completed by the end of 2013.
Quanta was also selected by American Electric Power, or AEP, to rebuild 66 miles of its 345-kilovolt line near Corpus Christi, Texas. We will perform this
work while the line is in an energized state, utilizing proprietary energized services capabilities and equipment, to avoid service outages to AEP's customers
during construction. This project is the first of five phases of energized transmission upgrades AEP has planned in this area, which are projected for
completion by March of 2016. Once completed, this first phase will represent the longest transmission line in the United States rebuilt in an energized state,
and we believe we are well-positioned to be awarded the remaining four phases of this project.
Our proprietary energized services strategically differentiate Quanta from others, enabling us to provide solutions to utilities that minimize disruption to their
customers when upgrading or replacing electrical infrastructure. Last month, a federal court entered an order finding that a product line sold by another
company infringed on the United States patent for our LineMaster Robotic Arm. We will continue to be diligent in defending our proprietary technologies and
work methods. The outlook for electric transmission spending remains strong. We continue to see a significant amount of additional new, large transmission
program opportunities that we expect to be awarded over the next 12 months. In addition, smaller transition project activity, which represents
approximately 50% of our overall transmission revenues, is significant, as our customers upgrade existing transmission infrastructure to comply with NERC
reliability standards.
Our electric distribution revenues continue to grow at near double-digit rates through the first nine months of this year, compared to the same period last
year, despite political and economic uncertainty. Pockets of distribution activity are being spurred by a pickup in new home construction, but the primary
driver of distribution activity continues to be reliability initiatives. Our renewables revenues increased approximately 104% to $306 million during the first
nine months of this year, compared to the same period of last year, as we continue to build utility-scale solar projects, primarily in the western United
States. We have an active pipeline of utility-scale solar opportunities that we anticipate will be awarded and moved into construction in 2013.
Over the past week, we have deployed significant resources to nine states and the District of Columbia for eight utility customers to restore electrical
infrastructure damaged by Hurricane Sandy. A storm like Sandy will obviously generate emergency restoration revenues for Quanta, however these
revenues are not all incremental. Our employees, who are responding from points throughout the United States and Canada, have been released from noncritical
work, where they were generating revenues, to respond to this storm event. Additionally, we have pipeline construction projects in the Marcellus,
several large electric transmission construction projects in the Northeast, and our Fiber Optic Licensing business in Philadelphia that may be negatively
impacted by Hurricane Sandy. As a result, it is too early to determine the extent to which Hurricane Sandy will affect our financial performance this quarter,
and our fourth-quarter guidance does not take into account any positive or negative impacts from the storm.
Turning to our Natural Gas and Pipeline segment, revenues increased substantially compared to the same quarter last year, and more importantly, operating
income continues to improve. The strategic shift to this segment over the past 18 months to capitalize on shale infrastructure opportunities, as well as better
project execution, is driving this improved profitability. We expect this segment to remain profitable for the remainder of the year and for 2013. Demand for
our pipeline shale gathering services is active and steady, as the lack of gathering infrastructure in many of the shales remains a challenge for producers to
transport products to market and processing areas. Most of our shale gathering work is being performed in the Marcellus, Bakken, and Eagle Ford shales. We
believe demand for the shale gathering infrastructure will remain robust for the foreseeable future, and that development of new shales in the future will
create additional opportunities for Quanta over the next several years. We continue to see signs that a significant volume of long-haul, large-diameter
pipeline projects could be awarded over the next several quarters, and moved into construction toward the middle of 2013.
A significant increase in the long-haul pipeline market, coupled with continued demand for shale gathering pipeline construction resources, could result in a
significant tightening of industry capacity. A number of long-haul pipeline construction companies have moved pipeline construction resources into the shales
to perform pipeline gathering work, and we do not believe all of these spread resources will return to the long-haul market. We have been taking strategic
steps to ensure we are in position to capitalize on the return of the long-haul pipeline market when it occurs, while maintaining pipeline construction
resources in the shales to help our customers develop pipeline gathering infrastructure. We will continue to gain more clarity on the progress of long-haul
projects and the industry dynamics over the next few quarters. We are optimistic that long-haul pipeline market conditions should improve in 2013 and
2014.
Our Telecommunications segment experienced solid growth in the third quarter. Revenues increased almost 21% in the third quarter compared to the same
period last year, driven by increases in the pace of construction on broadband stimulus projects, and fiber to the cell site initiatives. Our 12-month backlog
increased in the quarter, while total backlog decreased slightly, due to backlog burn associated with the significant increase in projects under construction
during this year's third quarter, as well as the expiration of several multi-year master service agreements at the end of this year that we are optimistic will
renew before year end. We expect broadband stimulus projects to continue through the rest of this year and well into 2013, and expect the same high levels
of fiber to the cell site activity through 2013.
The reallocation of funds within the universal services fund to develop and operate the broadband networks in underserved areas of the country should also
have a positive impact on our business. This program funding reallocation is in the early stages of deployment, and we anticipate that our Telecom segment
will begin to experience the benefits of it in the latter part of 2013 or 2014. In our Fiber Optic Licensing segment, revenues for the quarter were slightly up,
compared to the third quarter of last year. This segment continues to provide a steadily growing revenue and earnings profile, with attractive margins and
returns. Our contract sales for the segment for the first nine months of the year, have increased at a healthy double-digit growth rate, which indicates that
the segment revenue growth is likely to accelerate next year. We are increasing our full-year outlook to reflect our strong results for the first nine months of
2012, the expectation of continued strength in all of our segments for the remainder of this year, and better visibility in our Natural Gas and Pipeline
segment. Derrick will provide additional detail about our outlook during his comments.
In summary, the demand for the services Quanta provides is substantial. All of our operating segments are executing well, and total Company backlog
remains strong. Based on the work we have in hand today, the opportunities we believe could materialize over the next year, and our confidence in
continued solid execution, we believe all of our operating segments will have a solid finish to 2012, and we look forward to a strong 2013. I will now turn the
call over to Derrick Jensen, our CFO, for his financial review of the third quarter. Derrick?
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DERRICK JENSEN, CFO, QUANTA SERVICES INC: Thanks, Jim, and good morning, everyone. Today, we announced revenues of $1.69 billion for the third
quarter of 2012, compared to $1.25 billion in the prior year's third quarter, reflecting growth of about 35% quarter over quarter. Net income attributable to
common stock for the quarter was $96.4 million, or $0.45 per diluted share, compared to net income of $52 million, or $0.25 per diluted share, in the third
quarter of last year. Included in net income attributable to common stock for the third quarter of 2012 was $7.1 million of income, or a net benefit of $0.03
per diluted share, primarily from the release of income tax contingencies associated with the expiration of certain statutory periods that are no longer
subject to audit.
The growth in consolidated revenues in the third quarter of 2012 was driven by growth across all of Quanta's segments, as well as the incremental
contribution of approximately $62 million in revenues from companies acquired since the third quarter of last year. Excluding the impact of revenues from
acquired companies, organic growth for the quarter was 31%. Our consolidated gross margin increased to 16.6% in the third quarter of 2012, from 15.6%
in 3Q 2011. This increase was due to strong performance in each of our segments, as well as the impact of higher revenues, which improved our ability to
cover fixed operating costs.
Selling, general and administrative expenses were $124.3 million, reflecting an increase of $31.9 million, as compared to last year's third quarter. This
increase is primarily due to -- $16.7 million in higher salary and incentive compensation costs associated with increased levels of activity and profitability;
approximately $5.1 million in increased professional fees, primarily associated with ongoing technology development costs, business development issues,
and legal matters; and $4.6 million in additional administrative expenses associated with recently-acquired companies. As a percentage of revenues, selling,
general and administrative expenses remained flat at 7.4% for the third quarter of 2012 and 2011. Our consolidated operating margins before amortization
expense increased from 8.2% in 3Q 2011 to 9.3% in 3Q 2012. Amortization of intangible assets increased from $8.3 million in 3Q 2011 to $10.5 million in
the third quarter of 2012, due to acquisitions at the end of 2011 and the first and second quarters of 2012.
To further discuss our segment results, the Electric Power segment's revenues were up about $266.6 million, quarter over quarter, or approximately 32%.
Revenues were positively impacted by higher revenues from electric power transmission services, resulting from an increase in number and size of projects
that were ongoing in 3Q '12 compared to 3Q '11, as well as increased renewables revenues. The increase in revenues is also attributable, in part, to the
incremental contribution of $53 million in segment revenues from acquired companies, and an increase of $13 million in emergency restoration services
versus 3Q '11. Growth in this segment without revenues from acquired companies was still 27%. The end of the third quarter, 12-month backlog for the
Electric Power segment increased 23%, and total backlog for this segment decreased slightly by 1% compared to the third quarter of 2011. Operating
margin in the Electric Power segment increased to 12.5% in the third quarter of 2012, compared to 12.2% in last year's third quarter, primarily due to the
increased volume of revenues from services on higher-margin transmission projects. Also contributing to the increase was the increase in emergency
restoration service revenues, which typically carry higher margins.
Natural Gas and Pipeline revenues increased quarter over quarter by 53%, to $397.5 million in 3Q '12, primarily due to an increase in the number of shale
gathering system projects currently under construction. Additionally, we saw increases in revenues from natural gas distribution services, as the outsourced
gas distribution work with Puget Sound Energy was just starting up in the third quarter of 2011. The end of the third quarter of 2012, 12-month and total
backlog for this segment increased about 26% and 11%, respectively, compared to the end of the third quarter of 2011. Operating income for the Natural
Gas and Pipeline segment as a percentage of revenues increased to 5.8% for 3Q '12, from a negative 1.6% for 3Q '11, due primarily to the impact that
lower revenues earned in the prior year and on this segment's ability to cover fixed operating and overhead costs, as our efforts to move into shale
gathering systems projects had just begun in the third quarter of 2011. The current year was positively impacted by the overall increase in the volume of
this segment's revenue, due to the shift to more shale gathering system projects.
Revenues from our Telecommunications segment increased $29.2 million, or 21%, to $169.9 million in 3Q '12, primarily due to an increase in the volume of
work associated with stimulus-funded fiber optic network projects and higher revenues from fiber to the cell site and wireless initiatives, resulting from
higher capital spending for our customers. Compared to the end of last year's third quarter, 12-month backlog for this segment increased 6%, and total
backlog decreased about 2%. Operating margin in the Telecommunications segment was 13.1% in 3Q '12, compared to 11.3% in 3Q '11. This increase in
margin is primarily due to increased demand for our services, allowing for margin expansion as well as the impact of revenue increases on this segment's
ability to cover fixed and overhead costs. Fiber Optic Licensing segment revenues were $28.6 million, and operating margin was 49.2% in 3Q '12, which
were both comparable to the third quarter of 2011. Capital expenditures for this segment have increased this year versus last year, which should drive
revenue and backlog growth as network capacity is licensed out to customers in 2013.
When calculating operating margins by segment, we do not allocate certain selling, general, and administrative expenses, and amortization expense to our
segment. Therefore, previous discussion about operating margins by segment excludes the effects of such expenses. Corporate and non-allocated costs
increased $18 million in the third quarter of 2012 as compared to 3Q '11, primarily as a result of $11 million in higher salary and incentive compensation
costs associated with current levels of operating activity, and $2.2 million in higher amortization expense associated with intangible assets. Adjusted diluted
earnings per share, as calculated in today's press release, are $0.48 for the third quarter of 2012, compared to an adjusted diluted earnings per share of
$0.29 for 3Q '11.
Cash flow use and operations was approximately $61.3 million for the third quarter of 2012. Capital expenditures, net of proceeds from equipment sales,
were about $68.7 million, resulting in approximately $130 million in negative free cash flow for the quarter. Days sales outstanding, or DSOs, were 91 days
at September 30, 2012, versus 75 days at September 30, 2011, and 81 days at June 30, 2012. Cash flow for the quarter was primarily impacted by
increases in receivables. DSOs have increased compared to September 30, 2011, and June 30, 2012, as a result of the overall increase in Quanta's net
position with its customers, which was driven by significant revenue increases on a select number of large electric transmission projects which went into
construction starting this quarter. These jobs contributed approximately five days to Quanta's consolidated DSO calculation as of September 30, 2012.
In addition, the significant storm work I spoke of earlier remains uncollected, due to the timing of when the work was performed in the quarter. Lastly,
although we have invoiced the customer for the change orders associated with the Sunrise project, change orders have not yet been settled due to the
substantial volume of underlying support records that are being reviewed by the customer. These change orders remain in costs in excess of billings and
contribute to the overall higher DSO. Detailed discussions and reviews continue with the customer, and we are currently unaware of any circumstances
warranting any adjustments to the amounts invoiced, although the timing of the settlement could significantly impact our overall free cash flow for the year.
EBITA for the quarter of 2012 was $152.8 million, or 9.1% of revenues, compared to $98.1 million, or 7.8% of revenues for the third quarter of 2011.
Adjusted EBITDA was $193.7 million, or 11.5% of revenues, for the third quarter of 2012, compared to $133 million, or 10.6% of revenues, for the third
quarter of 2011. Calculation of EBITA and EBITDA, and adjusted EBITDA, all non-GAAP measures, and the definitions of these and DSOs can be found in the
Investors and Media sections of our website at QuantaServices.com. September 30, 2012, we had about $179 million in letters of credit outstanding,
primarily to secure our insurance program, and we had borrowings of approximately $125 million outstanding under our credit facility. In addition, at the
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end of the quarter, we had approximately $128 million of cash, predominantly within foreign operations. Considering our cash on hand and availability under
our credit facility, we had nearly $524 million in total liquidity after September 30.
Turning to our outlook for 2012, we expect revenues for the fourth quarter of 2012 to range between $1.55 billion and $1.65 billion, and diluted earnings
per share to be $0.37 to $0.39 on a GAAP basis. Included in our estimate of GAAP diluted earnings per share for the fourth quarter of 2012, the net tax
benefit of approximately $0.02 per share associated with certain task contingency releases, due to the expiration of certain statutes of limitations during the
fourth quarter. These estimates compare to revenues of $1.51 billion and diluted earnings per share of $0.32 in GAAP EPS in 4Q '11. GAAP EPS forecast for
4Q '12 includes an estimate of $6.9 million for non-cash compensation expenses and $9.1 million for amortization expenses. Including these expenses, and
the previously discussed net tax benefit, our non-GAAP adjusted diluted earnings per share for the fourth quarter are expected to be $0.40 to $0.42, when
compared to non-GAAP adjusted diluted earnings per share of $0.41 in 4Q '11. This non-GAAP measure is calculated on the same basis as the historical
calculations of adjusted diluted earnings per share presented in the release.
We are currently forecasting net income attributable to non-controlling interest to be approximately $3 million to $3.5 million in the fourth quarter of 2012,
and around $16 million to $16.5 million for the year. For additional guidance, we are currently projecting our GAAP tax rate to be around 34% for the fourth
quarter of 2012. The lower tax rate for the fourth quarter is primarily due to the additional tax contingency releases I previously discussed. We expect our
diluted share count to be about 213 million shares for 2012. We expect CapEx for all of 2012 to be approximately $215 million to $225 million, which
includes CapEx of our Fiber Optic Licensing segment of about $45 million. This compares to CapEx for all of 2011 of $172 million.
As Jim commented, we continue to execute within all of our segments, and we believe that we are operationally and financially well-positioned for continued
solid growth in 2012 and beyond. This concludes our formal presentation, and we will now open up the line for Q&A. Operator?
Questions and Answers
OPERATOR: (Operator Instructions)
Your first question comes from the line of Tahira Afzal of KeyBanc. Please go ahead.
TAHIRA AFZAL, ANALYST, KEYBANC CAPITAL MARKETS: Congratulations on a very strong quarter. The first question is, you are having such a strong finish
to the year. As you look into 2013, Jim, what do you see as your key challenges for growth?
JIM O'NEIL: Tahira, right now we're seeing so much momentum think it's just, getting resources is becoming more challenging, even though we are the
preferred employer in the industry, because we play the best wage and provide our folks with good equipment to work with, so I think that would be the
biggest challenge. We have momentum in our business going forward, the timing of projects is the challenge. And the regulatory environment, while it is not
as big an issue for us overall, because we have so many projects going, trying to determine when a project is going to start, this slippage of a month or two,
could impact of our forecast but other than that, we are continuing to see momentum going into next year.
TAHIRA AFZAL: That's great. And I have one more and then I will hop back in the queue. As you look on the electric transmission side, and you stated
several large awards that are still out there, and you talking about $200 million to $500 million-type of projects from what you can see that could be
awarded over the next 12 months, as you look at that prospect list you mentioned, could you talk a little bit more, to provide a little more color on the
drivers of some of these transmission opportunities that you are seeing?
JIM O'NEIL: Yes, there's going to be big project awards. There are big projects in the pipeline, and we're excited about that. I think one thing that is really
not understood is the small transmission market. The regulation that is driving the NERC compliance standards, and the coal switching to natural gas. These
are all going to be smaller segments of transmission, and that business is very, very active, and it's going to remain very active, and I believe in the growth
mode for quite some time. You look at CREZ, CREZ is billed as a big transmission project, but you have to think about all that laterals and interconnects that
are to be built off of that, and in total, the amount of money being spent there is far more than what CREZ is. The small transmission market for the projects
we don't typically announce in day-to-day work is very active, and that's over 50% of our business, and we expect the big transmission market to be active
as well. So it's a really robust time in the transmission business and I still think we're in the early years of a major transmission build out.
TAHIRA AFZAL: Thanks a lot, Jim, and congratulations, again.
OPERATOR: Your next question comes from the line of Adam Thalhimer of BB&T Capital Markets. Please go ahead.
ADAM THALHIMER, ANALYST, BB&T CAPITAL MARKETS: First, Derrick or Jim, can you help me think about, your Q4 revenue guidance is up single digits, but
your total 12-month backlog up about 19% in Q3, what is the relationship between 12-month backlog and then revenue over the next couple of quarters?
DERRICK JENSEN: 12-month backlog overall over the next couple of quarters, typically we run about the 65% range as far as backlog as a percentage of
revenue, as that relates to 2012 and going into 2013.
JIM O'NEIL: I think the relationship too, Adam, when you look at the fourth quarter, first off, 12-month public backlog is the best indicator of our business
going forward. It's at record levels. It's strong. That's an indicator that the next 12 months we should see growth in our business, although we are not
willing to quantify right now. The fourth quarter of guidance, we've got seasonality in the fourth quarter, we've got weather risks, the risk that projects could
get pushed into the next period. We've got holidays, we've got this storm going on right now. So we think we can do better, but we are going to shoot the
ball down the middle right now and give the guidance that we have, and hopefully we will do better, but we don't want to take a risk because of all these
factors, and the fourth quarter being seasonal, primarily because of the weather and holidays, that we haven't issued any guidance.
ADAM THALHIMER: Okay. That's good. And then for the second question I wanted to ask about electric distribution, Jim. Have you seen any -- have there
been any changes there in demand in Q3. Some of the equipment suppliers saw some deceleration in demand on the distribution side. Utility returns maybe
are softening a little bit. Are you seeing any utilities cut distribution here?
JIM O'NEIL: No, we have not. From a constant standpoint, the third quarter in distribution was probably a tough comp from third-quarter 2011, but we still
seeing close to double-digit growth for the year, and really we haven't seen any slowdown as many of the utilities are spending money on reliability. And
that trend continues, despite that we are in an election year. So we have been pleased with what we've seen so far, we expect that trend to continue going
forward
OPERATOR: Your next question comes from the line of Alex Rygiel of FBR. Please go ahead.
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ALEX RYGIEL, ANALYST, FBR & CO.: Nice quarter, gentlemen. Two quick questions. First, you mentioned in your opening remarks that you're seeing your
customer base broaden and one of the strengths of Quanta through the years has been that your customer base has already been very broad. Can you
comment a little bit further on that comment in your opening remarks?
JIM O'NEIL: Yes. Well I don't want to give any names, Alex. I think that the current environment is, for our customers, that they are under more pressures
to get projects done on time and under budget or on budget and it's very important, and we've had more discussions with people that we haven't
traditionally worked with in the past, and we believe that there will be opportunities that we will execute on, because we have the capabilities to get their
projects done. On time and on budget. And we have the resources to do that.
ALEX RYGIEL: That's great.
JIM O'NEIL: You will see some new customers for certain in 2013.
ALEX RYGIEL: Excellent. And then secondly, can we dig a little bit deeper into the pipeline business? Excellent quarter, 5.8% operating margin, up nicely
from the second quarter. Can you put that into perspective and maybe give us some directional guidance on the mix of long-haul, large-diameter versus
shale work this year, and possibly what that mix could look like next year, and how it could help or hurt margins?
JIM O'NEIL: I would say that for 2012, all of our work is shale-related. And we've done very well. We established a presence about 18 months ago and from
that point, we built momentum, and we've got more volume and better margins because of that. I would not think that a 50/50 mix next year would be out
of the question, but that's not going to be one plus one equals two. It'll probably be one plus one equals 1.5, but we will see some big pipe opportunities
next year that could be a 50/50 mix potentially, big pipe versus soft shale work.
OPERATOR: Your next question comes from the line of Will Gabrielski of Lazard. Please go ahead.
WILL GABRIELSKI, ANALYST, LAZARD CAPITAL MARKETS: Can you talk about any impact you may have seen as the quarter, Q3, went along in the shales?
Did you see any change in activity levels based on what's happening with the rig count, or some of the commentary from the E&Ps around expensing or
exhausting their capital budgets for this year, and maybe waiting until next year to start spending again?
JIM O'NEIL: No, Will. We have not seen that. This E&P guys that we're dealing with are not going to shut rigs down for the quarter and start back up in
January. That's inefficient. We continue to see the drilling rig count, particularly on the horizontal rigs in the liquid-rich plays, the pickup continues to be
strong and we have not seen any pullback in that activity.
WILL GABRIELSKI: Okay, and then for my follow-up. I was just wondering if you could talk about the reliability side of your business? [Mozan] Transmission
tracks assets every quarter, just to see how it's tracking, but the enforcement of some of the NERC reliability rules, and how that's trending, and what the
margins are looking like on that work right now?
JIM O'NEIL: Well, it's 50% of our transmission business, and it's growing, if not the same, more than what our big transmission business is growing this
year. It's significant and it's going to be here for several years. And our customers are just on the very front end of spending money to comply with NERC
reliability standards. And then on top of that, you've got FERC 1000, which could impact us in 2014 and 2015, you have the coal switching to natural gas
projects, which is going to be 30 to 60 mile pipe segment lines that need to be built off a new gas-fired generation that's going to be in the small
transmission category so we've got a significant amount of opportunities in the small transmission market that is being driven by regulation.
And that's going to help pipeline too, to because you're going to have to build gas pipelines, compressor stations, and pump stations and all of that, so that's
really going to support our pipeline business as well. It's all good stuff. Good drivers right now in our business.
OPERATOR: Your next question comes from the line of Noelle Dilts of Stifel Nicholas. Please go ahead.
NOELLE DILTS, ANALYST, STIFEL NICOLAUS: I was hoping you could speak a little bit about the opportunities that you're seeing in Canada, in terms of both
electrical and pipeline, and how that compares to US? And I've been hearing that, on the pipeline side in particular, we've been hearing that labor is tight in
Canada. I'm wondering if you're seeing a shift toward negotiation and away from competitive bid in the Canadian market, on the pipeline side?
JIM O'NEIL: I can just tell you that the same drivers in the US are in Canada today, as far as both electric transmission and on pipeline. It's a very active
market and we are well-positioned in Canada from a competitive standpoint to take advantage of those opportunities as they present themselves. Really in
almost every province in Canada, there's opportunities. It's the same drivers that we see in the US, it's just about 18 months behind the activity here in the
States.
NOELLE DILTS: On the labor side, is the tightness of labor pool, is it similar to the US or is it a little bit tighter in Canada?
JIM O'NEIL: I would say it as tight if not tighter in Canada than it is in the US. Everyone is going through a skilled labor, both the pipeline industry and the
electric industry are going through labor shortfalls right now, as the demand continues to increase for the services our customers need.
OPERATOR: Your next question comes from the line of Andy Wittmann of Robert W. Baird. Please go ahead.
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ANDREW WITTMANN, ANALYST, ROBERT W. BAIRD & COMPANY, INC.: I wanted to dig into the pricing environment in the electric business. Specifically,
there's a fairly large project that went out this past quarter that your name had been circled around -- you have been a higher-quality service provider and
this is a project that I assume you did not want to price it at some of those levels that we're seeing in it. Can you just talk about the level of competition on
price today, and what maybe your passing on that job means for the rest of the environment that you might be looking at in terms of other projects?
JIM O'NEIL: Yes, and you can't take one project and think that's going to set pricing for the industry. It's a very regional dynamic and it's also depends upon
the size of the line, the scope of the line, what type of geography we're in, so we're not going to win every job. I can tell you that our philosophy on pricing
has not changed. If anything, prices could go up because the demand for our services continues to increase. So, I wouldn't read anything into us winning or
not winning a project that everybody had circled for us to win. I just think that you can't do that. The pricing dynamic in the industry still continues to be
very strong.
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ANDREW WITTMANN: Okay. That's helpful. And maybe totally different, but I guess somewhat related also, on the margins, were there any project closeouts
in the quarter, Derrick, and can you also quantify the absolute dollars of the storm? I know you said $11 million to $16 million more this year than
more. Can you just give us the absolute dollar amount for storm?
DERRICK JENSEN: Sure the absolute dollar model for storm for the consolidated basis is about $81 million for the quarter and then relative to your questions
about close-outs, we obviously had starts and stops of all of the jobs, but there was nothing material associated with any impacts of the quarter, for those
starts and stops.
OPERATOR: Your next question comes from the line of Scott Levine at JPMorgan. Please go ahead.
RODNEY CLAYTON, ANALYST, JPMORGAN CHASE & CO.: Hi, it's Rodney Clayton here for Scott. Congratulations on a very nice quarter. First, I wanted to ask
about your energized service offering. You obviously got a nice award there from AP, and certainly looks like that's a service we have a competitive
advantage with differentiation for the competition, what is really stopping the greater percentage of your customers from adopting this type of approach
when they're planning a project? Is it just price or is there some reason why that's going to become a greater percentage of your business?
JIM O'NEIL: Well I think that energized services is going to be more important to our customers going forward. The NERC compliance work is going to be an
important driver for that business. When you have one transmission line into an area that needs to be upgraded, because it's not in compliance and that the
customer can't -- or it's not cost effective to acquire new right away or take the line out of service because the customers will have interruptions for too long
a period of time. So this is a perfect application and technology that becomes cost-effective at that point to utilize.
That's why AEP is using this technology. So, again, upgrading this older infrastructure, having one line in and out of a load center, it gets to the point of right
-of-way issues and everything else. It just makes it a lot more cost effective and more efficient for the customer to use this technology going forward. So
were pretty excited about the opportunity we have for energized services in the future.
RODNEY CLAYTON: Okay. Got it. Very good. For my follow-up, I want to ask about how at Energy Partners, just in general, how is that venture going and
how does your project pipeline look? As you get to work in the 80%.
JIM O'NEIL: Howard Energy is going along like we expected it to. The investment is giving us opportunities, the Eagle Ford is very early in development we
are seeing engineering and construction opportunities, not only in the Eagle Ford, but in other areas, because we have leveraged our relationship with
Howard to do work in Marcellus as well, and in the Bakken. So we've been very pleased with that relationship and that investment and we expect more
opportunities to come out in the future as the Eagle Ford in particular becomes more active.
OPERATOR: Your next question comes from the line of Zach Larkin of Stephens, Inc. Please go ahead.
CHRIS GODBY, ANALYST, STEPHENS INC.: This is Chris Godby in for Zach. With two quarters of profitability in gas without large diameter work, do you have
a sense for what the operating margin profile of the segment could be, just on shale work alone?
JIM O'NEIL: We said we should be in the mid to upper single digit operating income on shale gathering work alone, and we've been moving toward that
target over the last several quarters. If we were to bring in some big pipe into that mix, some large diameter pipe, we should be able to move in that 9% to
12% operating income range.
CHRIS GODBY: Okay. Great. Thanks for the color. And then, thinking about electric transmission, have there been any changes in approval timelines, given
the regulatory environment or elections?
JIM O'NEIL: No, everything has moved according to plan. Since the last quarter, we have not had any delays to speak of. Nothing meaningful.
OPERATOR: Your next question comes from the line of Ahmar Zaman of Piper Jaffray. Please go ahead.
AHMAR ZAMAN, ANALYST, PIPER JAFFRAY & CO.: Congratulations on another great quarter. A couple of questions just on the impact of Hurricane Sandy. I
know you made some comments in your prepared statements. First question is, how much be pre-prep were you able to do getting going into Hurricane
Sandy, and how will that affect kind of minimizing the damage to your activities that were in the path? And secondly, the repair work that you will probably
get because Hurricane Sandy, how we should think about the margin profile of that work versus basically the margin mix between repair work and existing
projects that were impacted by Hurricane Sandy, is what I'm trying to get at.
JIM O'NEIL: A hurricane is a little bit different than a tornado or an ice storm. We get a little bit of pre-notice, so we did have almost a week to prepare and
batten down and secure our equipment and the core services that we provided the area. So, hopefully, we will be okay there. We have not been able to go
in and completely assess the situation to date. We were also, at the same time, able to move a significant amount of resources and pre-position those
resources prior to the storm arriving so that we could have a expedient response to the storm damage that occurred. So in both cases, both from our core
business and helping respond to repair the damage, we had some ability to move in and do we could before the storm arrived.
As far as the margin profile, I don't even think we need to go there right now. Certainly the store margins do command higher margin but are these
resources coming off existing work we're doing for those utilities we are responding to? Are they coming from Canada or the West Coast? And what
ultimately is the impact -- negative impact to our core business in the area. It's too early to tell what kind margin impact we're going to have at this time.
But certainly, by our fourth-quarter call, we will be able to get more color around that.
AHMAR ZAMAN: Thank you very much.
OPERATOR: Your next question is from the line of Dan Mannes of Avondale. Please go ahead.
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DANIEL MANNES, ANALYST, AVONDALE PARTNERS: A couple of follow-up questions, I think most of my questions have been asked and answered. Real
quick on the pipeline side. We were pretty pleased to see the backlog pick up sequentially. Can you talk a little bit about the bidding environment on the
shale side, and maybe just help me out a little bit with understanding the seasonality of the business, because it looks like it's showing a lot less seasonality
that maybe we have seen before.
JIM O'NEIL: There is less seasonality, even though I don't want to discount the fourth quarter weather seasonality. There's seasonality in the amount of
work that you do, and there's seasonality due to weather. The work is steady right now, fourth-quarter is very active because our customers are still trying
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to get infrastructure in place, and there's no let up. With that said, that means that you are really moving with one customer from project to project to
project, so you are really working on a negotiated basis. They don't have time to go out and do an RFP on every project and they certainly don't want to deal
with the new foreman and workforce every time they bid on a new job. They are very comfortable with their working relationship with us. We have been
working for six to eight of the same customers and just going from project to project to project, and the work is steady, and we don't see any let up on that
work going forward. If anything, it's increasing.
DANIEL MANNES: Sounds good. One quick other topic that you haven't talked much about, but you mentioned on Puget Sound, obviously you have
outsourced their gas LDC operations. Are you seeing opportunities for more deals like that, or alternatively just more opportunities for gas LDC retrofit work,
especially given some of the regs coming down there and certainly what happened in California.
JIM O'NEIL: Yes, certainly, we think there are more opportunities to do outsourcing work and program management on reliability projects that are being
driven by FEMSA regulations. That are opportunities. That's one of the biggest areas I think that we have, working off the smaller base, of course, but it's
one of the biggest areas of growth for us is the integrity and pipeline rehabilitation work that is going to occur throughout the country. There's a role to be a
program manager in many of those, and certainly some outsourcing opportunities are possible.
OPERATOR: You next question comes from the line of Jamie Cook of Credit Suisse. Please go ahead.
ANDREW VASCELLI, ANALYST, CREDIT SUISSE: Hello this is actually [Andrew Vascelli] on behalf of Jamie. Congrats on a great quarter. Just a quick question
regarding your customers' visibility. I know we have the election, should be a lift for that, but I'm just curious about what you are hearing. It looks like your
guidance says that things are heading up for your customers and I'm curious what they're saying the remainder of the year in 2013, just any update there.
JIM O'NEIL: Yes, our customers -- the spending is there. We've got significant pipeline of opportunities and backlog going into 2013. So they're does not
seem to be any pullback from our customers on capital spending and either the electric pipeline or telecommunications markets right now. Our customer
base, things look to be very active going into '13.
ANDREW VASCELLI: Okay. And then just an update on capital allocation specifically if you could comment on what your updated views are, if any?
DERRICK JENSEN: Sure. Capital allocation first is obviously working capital to support the business, which you can see is going on here versus the second
and third quarter cash demand. Second is capital expenditures, and then third to invest in some acquisitions. We did about 10 acquisitions over the last 1
year to 1.5 years, and we continue to be active and opportunistic in that area. As it stands it right now, we don't really comment for future acquisitions and
the timing of when and how large and whether they will occur, we seem to be active and optimistic.
OPERATOR: Your next question comes from the line of John Rogers of DA Davidson, please go ahead.
JOHN ROGERS, ANALYST, D.A. DAVIDSON & CO.: Congratulations, as well, on a great quarter. If we could just go back to the DSOs for a second. I know
that in the past, seasonally, they have come down in the fourth quarter. It sounds like there was some timing issues this quarter. Can you just talk about
how quickly those are going to drop back down, or what the collection cycle is on those?
DERRICK JENSEN: Sure. I would agree that typically DSOs do decline in the fourth quarter because of seasonality. As revenues also drop, but predicting this
fourth quarter is pretty typical. The storm work that Jim alluded to is an example. We are uncertain as to the type of volume that may occur from that, the
timing of what that would be and how long, and so that could be a pretty big draw of cash. Secondly, as I made reference to the Sunrise change order as an
example, the timing of the collection of that, we are striving to achieve collection before the end of the year, but as to whether that occurs by 12/31 or into
the following quarter is a little bit difficult to say. I would say that we overall expect we will have a strong free cash flow in the near term. It's just difficult to
say whether that will occur by the 12/31 time frame or not.
JOHN ROGERS: Okay. My other question was, I guess for Jim, in terms of the large diameter work, there's a lot of projects on the table. Are they going to
bid this season, late fourth quarter to first quarter, where some of the big projects we're seeing the press, or are later into 2012, or 2013, sorry.
JIM O'NEIL: I think that the bidding season is modified somewhat during this time. I think that you really don't have a bidding season right now. I think it's
an ongoing basis and it really -- you may not have projects go to a formal RFP, they may just be negotiation a process because some of these projects are
so big and our customers are concerned about capacity. So I would not be focused so much on the bidding season on big pipe this year. I think it's going to
be a different dynamic. Not to say it won't moderate back to a bidding season at some point in time.
We do think these programs get built, whether it's in the latter part of 2013, the middle part of 2013 or into 2014, a lot of that is going to do with the
regulatory environment. For when these projects get approved, these liquid lines get approved. It's going to be a very robust market, you can see that
capital spending going into the refinery stage and the E&Ps really aren't letting up on drilling these wells or building this gathering infrastructure, so the next
logical step is to build these pipelines and we do see visibility and traction online to getting plan and moving towards construction over the next year or two.
OPERATOR: Your next question comes from line of David Giesecke of Wedbush Securities. Please go ahead.
DAVID GIESECKE , ANALYST, WEDBUSH SECURITIES: You mentioned earlier about an expectation for dark fiber acceleration going forward, could you talk a
bit more about that?
DERRICK JENSEN: Sure. I mean last year we had capital expenditures in dark copper, about $17 million. This year we have CapEx in the segment of about
$45 million, and what we think will happen is, as Jim alluded to, the pickup in sales 2012 has been a little bit down because the economy has picked back up
and some of the double-digit sales you see, and we think that will turn back into revenue to backlog in the future, as we end up delivering on this network.
DAVID GIESECKE : Thank you. And also, it looks like you had substantial telecom bookings in the quarter. That appears to be accelerating. Can you talk a
bit more about that going forward, as well?
JIM O'NEIL: Yes, I think what you are seeing is that we are in the height of the stimulus build out right now, and we think that our business will continue,
the telecom construction activity will continue at high levels through the better part of 2013. The significant portion of what you are seeing is stimulus build
out that's occurring, due to customers in underserved areas.
OPERATOR: Your next question comes from the line of Martin Malloy of Johnson Rice. Please go ahead.
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MARTIN MALLOY, ANALYST, JOHNSON RICE & COMPANY: On the pipeline side, could you talk a little bit about your market share in terms of spreads of
equipment for large diameter pipelines in North America?
JIM O'NEIL: Yes, I mean what I think we've been saying as we have about one-third of industry capacity to do large-diameter pipeline across the US. So it's
about one-third.
MARTIN MALLOY: Okay. And in terms of levels of activity, do you think you could get back to the 2006 - 2008 timeframe?
JIM O'NEIL: I think it's possible, I think it depends upon how compressed a construction cycle we have. How many customers is the industry going to be
building the pipe for at one time, or does it get spread over a three to four-year period. It's going to be a very active market. Can reach 2008 levels? Yes. It
has yet to be determined as to whether that will happen or not.
OPERATOR: Your next question comes from the line of Steven Fisher of UBS. Please go ahead.
STEVEN FISHER, ANALYST, UBS: I wonder if you could talk about your staffing and presence in the various shales. Are you ramped up to where you want to
be in the specific shales? And if not, which basins do you think to add the most incremental resources to be the most competitive.
JIM O'NEIL: I think the Marcellus was the first shale that really was developed, and we've been there for 18 months and certainly we're doing a lot of work
there. We've got a presence there now, so we are well-positioned to take on additional customers if we are able to do so. The same goes for the Eagle Ford
in the Bakken, which are younger shales as far as development, but opportunities will present themselves there as well. Then you start talking about new
shales that have not even been developed yet like the Utica, the Niobrara, the Granite Wash, the Mississippian, it goes on and on. It's a lifecycle, but we will
continue to build our presence in the shale and take advantage of those opportunities, and we should see growth over the next several years. Building out
our gathering work.
STEVEN FISHER: Okay, thank you.
OPERATOR: Ladies and gentlemen this does conclude the question-and-answer session. I will now turn the conference over to management for some closing
remarks.
JIM O'NEIL: I'd like to thank you all for participating in our third-quarter 2012 conference call. We appreciate your questions and your ongoing interest in
Quanta Services. Thank you. This concludes our call.
OPERATOR: Thank you. Ladies and gentlemen this does conclude the conference call for today. This conference will be available for replay later this
afternoon until November 7, 2012. At midnight. You may access the replay at (303) 590-3030 and enter access code 4572253. Again, the phone number to
dial is (303) 590-3030 and access code 4572253. This does conclude the conference call for today. We thank you for your participation in you may now
disconnect your lines.
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2012 CCBN, Inc. and Roll Call, Inc.
Indexing (details)
Company/organization Name: Quanta Services Inc
Ticker: PWR
NAIC: 235310;
Name: Thomson Financial
NAIC: 551111
Title Q3 2012 Quanta Services, Inc. Earnings Conference Call - Final
Publication title Fair Disclosure Wire
Publication year 2012
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Publication date Oct 31, 2012
Year 2012
Publisher Voxant, Inc.
Place of publication Waltham
Country of publication United States
Journal subject Business And Economics, Law--Corporate Law
Source type Wire Feeds
Language of publication English
Document type WIRE FEED
ProQuest document ID 1151972197
Document URL http://ezproxy.spl.org:2048/login?
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Copyright 2012 CCBN, Inc. and Roll Call, Inc.
Last updated 2012-11-15
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document 5 of 10
G4S Technology Awarded Contract with Virginia Coalfield Coalition
Targeted News Service [Washington, D.C] 16 Oct 2012.
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Abstract (summary)
None available.
Full Text
G4S issued the following news release:
G4S Technology LLC (formerly Adesta) a systems integrator and project management company for electronic security systems and communication networks,
has been awarded a contract with the Virginia Coalfield Coalition to provide fiber optic expansion and cellular communications towers to help advance
wireless communications in Southwest Virginia.
G4S Technology has begun a phased-roll out of the project providing engineering, furnishing, and installation services. Phase I will consist of the build-out of
12 fiber laterals to existing towers. Phase II will consist of erecting 11 build-to-suit towers and fiber laterals with an option for a third phase that would
consist of 6 more towers in 2013-2014.
The project is being funded by grants from the Virginia Tobacco Indemnification and Community Revitalization Commission, and direct investment from
private enterprise partners.
The Virginia Coalfield Coalition (VCC) is a non-stock, non-profit Virginia Corporation organized as a regional economic development partnership of the
Cumberland Plateau Planning District Commission and the LENOWISCO Planning District Commission. The VCC addresses the seven-county region of Lee,
Wise, Scott, Buchanan, Dickenson, Russell and Tazewell counties, and the city of Norton.
"G4S Technology began working in the state of Virginia back in 2004," said Bob Sommerfeld, President of G4S Technology. "Since that time we have been
involved in several important communications projects and feel a real devotion to Virginia citizens. A project like this will not only improve and expand
communication services; it will also provide advancement in the areas of economic development, public safety, healthcare, education and more. We are
honored to be a part of it."
"This project will have a significant impact in economic development, job creation, and expanding the reach of broadband in our area," said Delegate Terry
Kilgore, Chairman of the Virginia Tobacco Commission.
Robert Picchi, President of Blue Ridge Advisory Services and project manager for the VCC noted that G4S has distinguished themselves from a group of
highly qualified and impressive firms to become the VCC's implementation partner. In addition to G4S, the VCC is partnering with Bristol Virginia Utilities and
Scott County Telephone to operate the network.
Contact: Laura Kocher, 402/233-7570, laura.kocher@usa.g4s.com
TNS C-paypan56 121020-mv45-4077687
Laura Kocher, 402/233-7570, laura.kocher@usa.g4s.com
Copyright © Targeted News Service. All Rights Reserved.
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Title G4S Technology Awarded Contract with Virginia Coalfield Coalition
Publication title Targeted News Service
Publication year 2012
Publication date Oct 16, 2012
Year 2012
Dateline JUPITER, Fla.
Publisher Targeted News Service
Place of publication Washington, D.C.
Country of publication United States
Journal subject Public Administration
Source type Newspapers
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Language of publication English
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document 6 of 10
United States : G4S Technology wins Washington State Ferries
MENA Report (Sep 28, 2012).
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Abstract (summary)
G4S Technology will install new Milestone XProtect(R) Corporate Video Management Software (VMS). IPSecurity Center TM from CNL will be used as the
Physical Security Information Management System (PSIM) to incorporate various security parts into one interoperable Command and Control System (CCS)
with a common user interface. The updates like new AMAG Symmetry Access Control System (ACS) that will be Transportation Workers Identification
Credential (TWIC) will be done.
Full Text
Washington State Department of Transportation, Ferries Division has awarded the contract to G4S Technology LLC for upgrading its security systems.
G4S Technology LLC (formerly Adesta), a systems integrator and project management company for electronic security systems and communication networks
won contract worth from the Washington State Department of Transportation (WSDOT) Ferries Division to provide security system upgrades.
G4S Technology will install new Milestone XProtect(R) Corporate Video Management Software (VMS). IPSecurity Center TM from CNL will be used as the
Physical Security Information Management System (PSIM) to incorporate various security parts into one interoperable Command and Control System (CCS)
with a common user interface. The updates like new AMAG Symmetry Access Control System (ACS) that will be Transportation Workers Identification
Credential (TWIC) will be done. Currently, the work is progressing and is expected to be completed by the end of 2013.
The Washington State Ferry (WSF) system, largest in the United States, serves eight counties within Washington and the province of British Columbia in
Canada. The existing system of WSF has 10 routes and 20 terminals that are served by 22 vessels. WSF carries 10 million vehicles and over 22 million
people every year.
G4S Technology (formerly Adesta) with its headquarters in Omaha, Nebraska brings innovative, flexible and cost-efficient thinking to the design,
construction and maintenance of stand-alone or integrated communication networks and security systems.
(c) 2012 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
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Indexing (details)
Company G4S Technology LLC
Title United States : G4S Technology wins Washington State Ferries
Publication title MENA Report
Publication year 2012
Publication date Sep 28, 2012
Year 2012
Publisher Albawaba (London) Ltd.
Place of publication London
Country of publication United Kingdom
Journal subject Business And Economics
Source type Trade Journals
Language of publication Eng
Document type News
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document 7 of 10
Got Bandwidth?
Hackney, Chuck. Transmission & Distribution World 64. 8 (Aug 2012): 30.
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01&rft.volume=64&rft.issue=8&rft.spage=30&rft.isbn=&rft.btitle=&rft.title=Transmission+%26+Distribution+World&rft.issn=10870849
Abstract (summary)
None available.
Full Text
The smart grid is bringing the electric utility industry into the 21st century. In combination with smart meters, the smart grid enables consumers to monitor
their energy usage. For utilities, it eliminates house-to-house meter reading, makes possible the remote connection and disconnection of electric power, and
sends automatic alerts when outages occur.
The smart grid enables retail electric providers to offer time-of-use rates that differentiate peak and off-peak consumption to encourage electricity
consumers to shift their consumption patterns accordingly. It also enables consumers to support the integration of distributed generation (for example,
electric cars, wind turbines and solar panels).
But the smart grid is only as smart as the communications network that ensures the rapid and reliable two-way transmission of all this data. Over the past
three years, CenterPoint Energy (Houston, Texas, U.S.) has been installing just this kind of advanced communications network.
Network Requirements
The mass of information accumulated by smart meters is of no value unless it can be transmitted reliably to the utility data center and processed. Hence,
there is a critical need for an effective communications network.
To create such a network, CenterPoint worked with IBM, Itron, GE and Quanta Services. Each of these vendors has made a contribution to the network's
success:
IBM's network methodology was the basis for the network's architecture.
Itron provided meter, cell relay and system hardware, software and services.
GE provided WiMAX radios/antennas, management software and services.
Quanta provided meter and communications equipment installation services.
CenterPoint had seven exacting requirements for its communications network:
Have a comprehensive coverage design for a 5,000-sq-mile (12,950-sq-km) service area.
Provide two-way communications to endpoints (that is, to cell relays [meter data collectors] and intelligent grid switching devices).
Have data throughput capacity sufficient to transmit 96 interval readings a day from each of more than 2 million meters, and to execute all service orders
generated.
Be reliable in all conditions, particularly storm conditions as the Houston area is susceptible to hurricanes.
Be secure, adhering to strict cyber-security standards.
Be scalable to keep pace with ever-increasing amounts of data as more smart meters and intelligent grid switching devices are installed in the years ahead.
Have adequate fail-over and redundancy to ensure backup in the event of a component failure.
Architecture Development
Page 20 of 26
IBM's network methodology was used to help CenterPoint develop the communications architecture for the smart grid. This methodology is represented by a
collection of development templates, best practices and procedures for designing networks. The development process is structured in phases, from the
requirements, to conceptual modeling, to logical modeling and, ultimately, to the final detailed network design.
The end result of this development process was a communications network design in which the meters form a mesh and communicate through cell relays.
The design ratio of meters to cell relays is roughly 400:1. In the event a cell relay fails, the meters associated with the failed cell relay will migrate to an
adjacent cell relay.
From the cell relay, there is dual-path (primary and secondary) communications architecture. The primary communications path is the company's private
WiMAX network, consisting of radio towers, typically at substations, which connect to nearby cell relay sites. A failure of any segment of the company's
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WiMAX backhaul communications will cause the cell relays associated with that segment to fail over to the secondary path, a public cellular carrier (AT&T)
network.
The smart grid communications model was developed as an end-to-end design with dual communications paths to provide redundancy. By implementing a
private wireless infrastructure as a primary communications path and using a public cellular carrier as the secondary path, CenterPoint was able to use the
full strengths of both types of networks to create a reliable solution. This redundancy and resiliency enables CenterPoint to live up to its brand promise:
"Always there."
Communications Network Build
Smart meters transmit electric usage data wirelessly to cell relays installed on electric distribution poles connected to both the WiMAX and cellular networks.
More than 5,200 cell relay sites have been built across Houston to communicate with the more than 2 million meters installed across CenterPoint's electric
distribution territory.
The cell relay location consists of a cell relay, a wireless WiMAX remote radio and an antenna - all of which are powered by electricity from the power line
with battery back-up. For approximately every 75 cell relay locations, there is a WiMAX radio tower site that functions as a take-out point (TOP) to collect
the data.
At the cell relay sites, communications crews program the WiMAX radio and then align the antenna to ensure the radio is communicating with the TOP. TOPs,
which are built mainly at CenterPoint substations, collect data from cell relays within a several-mile radius and deliver the data, through the microwave and
fiber backhaul network, to the data center.
The TOP consists of a 150-ft (46-m) steel lattice tower or pole. On the structure, crews installed three WiMAX antennas, spaced 120 degrees apart, to
receive signals from surrounding cell relays. In addition, crews installed and aligned the microwave dish to connect with the core network through an
adjacent microwave location. The telecommunications equipment for the TOP is sheltered inside a concrete building at the base of the tower or pole. Cell
relay data collected through one of three master radios - one for each antenna - is routed over the microwave network by fiber-optic cable to the data
center.
A data collection engine passes information collected from the cell relays to the meter data management system, which processes and stores meter data and
also executes service orders. CenterPoint sends meter data to the Smart Meter Texas web portal, where consumers may securely view their historical 15minute
usage data in 24-hour, 30-day and 13-month snapshots.
The Network Takes Shape
More than 2.2 million smart meters have been deployed, along with 5,220 cell relays and 140 TOPs. With these in place, more than 2 billion intervals of
usage data are being recorded and made available to consumers on the Internet each week.
In 2012, CenterPoint has obtained 15-minute interval data at a rate of 99.3%, along with 99.8% of monthly register reads used for billing. More than 97%
of service orders have been completed electronically, typically within 30 minutes, saving nearly 3 million truck rolls, with concomitant savings in fuel and
reduction of carbon emissions.
Considerations and Lessons Learned
The real test of a communications network is how it functions in practice. The deployment process posed its own challenges and taught some significant
lessons:
Communications network development must be closely coordinated with the meter deployment. CenterPoint's meters were deployed by route, and the
network communications infrastructure was in place and stable three months ahead of the meter deployment. This approach allowed meters to begin
communicating with the system immediately.
Be prepared to use creative design and installation solutions to meet aggressive time lines. For example, one of the tests performed at potential cell relay
sites was to determine WiMAX signal strength to the WiMAX take-out site. When signal testing to a cell relay site was needed before the take-out site towers
were built, large cranes were used to position the antennas at the appropriate height.
Complete the design of the overall communications system up front. Integrate all communications components into an overall architecture, test and analyze
all equipment, complete construction standards, identify all construction materials and validate installation procedures through testing and training.
Manage materials and multiple service suppliers closely and establish strong field coordination along with detailed construction and performance acceptance
and testing processes. Major equipment and long-lead items such as cell relays, radios, network electronics, towers and buildings need to be specified, bid
on and ordered well in advance, and inventory levels maintained in a warehouse system and tracked. Given the fast pace of deployment, inadequate
inventory can cause significant schedule disruptions.
Be prepared to support the infrastructure operationally when the first device goes into production. Identify staffing requirements and analyze, select and
implement network management tools as they are used both for construction and for connectivity testing and operations.
Leverage a common communications infrastructure. The intelligent grid network is built to leverage the advanced metering system communications
infrastructure so remote or automated switching commands are executed over the same network from which electric usage data is communicated.
Keys to Deployment Success
Page 21 of 26
An effective communications network has CenterPoint positioned for the future. The smart grid is not only the future for CenterPoint, it is the future of the
utility industry. With this in mind, the following approaches may be considered when planning any smart grid communications system:
Establish a strong governance process. A strong project management office, using a proven governance methodology, is essential to the overall success.
With the deployment of any integrated system, especially one as complex as an advanced meter system, the application of consistent scheduling, financial,
scope, change and reporting processes is imperative.
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All project teams and support functions should be integrated and closely aligned within a project management structure overseen by a robust project
management office.
Develop solid business and technical requirements and ensure agreements with all stakeholders.
Apply a proven network architecture development method to ensure a solid design that meets requirements.
Ensure the deployment of smart meters and switching devices is coordinated closely with the deployment of communications infrastructure.
Adopt and follow efficient, safe and cost-efficient design and installation standards, keeping in mind operational support requirements.
Minimize exceptions; they add costs and delay progress. When unavoidable exceptions do occur, handle them aside from the main deployment effort in
order to avoid disrupting the primary deployment routine.
Follow up the deployment as soon as possible with a plan to operate and maintain the equipment and systems.
The smart grid is becoming the norm in the United States, and the nerve center of every smart grid is the communications network that connects it.
CenterPoint Energy's experience will not be the exact experience of every utility as it moves to the smart grid. But the lessons learned during this process
may prove useful to other utilities that are on the various steps of this path.
Chuck Hackney (chuck.hackney@centerpointenergy.com) is the director of Telecommunication Services & Smart Grid Communications. He manages the
CenterPoint Energy backhaul and smart grid network and is responsible for the smart grid communications network deployment. Hackney has deployed large
technology infrastructures, re-engineered business processes and developed organizations for both large technology infrastructure deployments and the
resulting operations. He has held management positions in T&D, power engineering, SAP project, IT and operations technology organizations. He holds a
BSCE degree and is a licensed professional engineer in the state of Texas.
Companies mentioned:
CenterPoint Energy www.centerpointenergy.com
GE www.ge.com
IBM www.ibm.com
Itron www.itron.com
Quanta Services www.quantaservices.com
Credit: By Chuck Hackney, CenterPoint Energy
(Copyright 2012 by Penton Media, INC. All rights reserved.)
Indexing (details)
Title Got Bandwidth?
Author Hackney, Chuck
Publication title Transmission & Distribution World
Volume 64
Issue 8
First page 30
Publication year 2012
Publication date Aug 2012
Year 2012
Publisher Penton Business Media, Inc. and Penton Media Inc.
Place of publication Overland Park
Country of publication United States
Journal subject Engineering--Electrical Engineering, Engineering
ISSN 10870849
Source type Trade Journals
Language of publication English
Document type News
ProQuest document ID 1030335316
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document 8 of 10
Fiberutilities Group Llc; Fiberutilities Group LLC Named One of Corridor's Fastest Growing Companies
Technology & Business Journal (May 29, 2012): 411.
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26+Business+Journal&rft.atitle=Fiberutilities+Group+Llc%3B+Fiberutilities+Group+LLC+Named+One+of+Corridor%
27s+Fastest+Growing+Companies&rft.au=&rft.aulast=&rft.aufirst=&rft.date=2012-05-
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Abstract (summary)
Fiberutilities Group, a technology company providing private fiber optic network solutions, announced that it was named one of the Corridor's fastest
growing companies.
Full Text
2012 MAY 29 (VerticalNews) -- By a News Reporter-Staff News Editor at Technology Business Journal -- Fiberutilities Group, a technology company providing
private fiber optic network solutions, announced that it was named one of the Corridor's fastest growing companies. Presented by the Corridor Business
Journal, the Entrepreneurial Development Center, Honkamp Krueger & Co., P.C. and Kirkwood Community College, the program identifies the region's most
dynamic companies that have made significant contributions to the strength of the area economy. This is the first time Fiberutilities Group has been
recognized among the Corridor's fastest growing companies.
"With so many exceptional companies headquartered in the area, it is a great honor to be recognized as one of the Corridor's fastest growing companies,"
said Scot Eberle, president of Fiberutilities Group. "Growth is a critical component of success. Dedication to technical innovation and a focus on client needs
has allowed Fiberutilities Group to grow at a very competitive rate. We are fortunate to have a very talented team that is dedicated to helping clients get the
most from their enterprise networks."
Keywords for this news article include: Technology, Fiber Optic Network, Fiberutilities Group Llc.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2012, NewsRx LLC
Copyright 2012, Technology Business Journal via NewsRx.com
Indexing (details)
Subject Fiber optic networks;
Awards & honors
Title Fiberutilities Group Llc; Fiberutilities Group LLC Named One of Corridor's Fastest
Growing Companies
Publication title Technology & Business Journal
First page 411
Publication year 2012
Publication date May 29, 2012
Year 2012
Publisher NewsRx
Place of publication Atlanta
Country of publication United States
Journal subject Business And Economics, Technology: Comprehensive Works
ISSN 1945-8398
Source type Trade Journals
Language of publication English
Document type Expanded Reporting
ProQuest document ID 1015611887
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document 9 of 10
G4S Technology Selected by Iberdrola USA
Targeted News Service [Washington, D.C] 16 May 2012.
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-05-16&rft.volume=&rft.issue=&rft.spage=&rft.isbn=&rft.btitle=&rft.title=Targeted+News+Service&rft.issn=
Abstract (summary)
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Full Text
G4S issued the following news release:
IUSA, a subsidiary of global energy company Iberdrola S.A., plans to create a single centrally-monitored and administered electronic ACS and Video
Management System (VMS) across their New York and Maine service territories. Iberdrola S.A. has a long-term security plan to develop a global standardsbased
platform for ACS and other security platforms including CCTV and Intrusion Detection.
This project is a 2-year deployment which began in late 2011. Facilities to receive upgrades include electrical substations, hydroelectric stations, and service
centers. The project will require the replacement of access control panels at the Iberdrola USA facilities, replacement of existing cameras with thermal
cameras, replacement of existing ACS systems with AMAG Symmetry, replacement of existing analytics and VMS, an upgrade of their Security Operations
Center (SOC), new security equipment racks, integration, installation and project management.
"Through our value-added engineering, G4S Technology LLC has been able to provide Iberdrola USA with a comprehensive analytic solution and an
enhanced thermal design that will help serve their needs both today and for many years to come," said Bob Sommerfeld, President of G4S Technology. "We
are honored to be working with this prestigious energy company, and look forward to helping them realize their goals."
"G4S Technology was selected after a thorough proposal and evaluation process," said Dave Lathrop, Manager - Security Technical Services. "We were very
impressed with their response to our request for proposal. Their experience was noted as they provided significant value engineering to the design. Iberdrola
USA is confident that G4S Technology has the ability to complete the project on-time and within budget."
Contact: Laura Kocher, Communications Specialist, 402/233-7570
TNS MT93 120629-3933020 61MarlizTagarum
Laura Kocher, Communications Specialist, 402/233-7570
Copyright © Targeted News Service. All Rights Reserved.
Indexing (details)
Title G4S Technology Selected by Iberdrola USA
Publication title Targeted News Service
Publication year 2012
Publication date May 16, 2012
Year 2012
Dateline JUPITER, Fla.
Publisher Targeted News Service
Place of publication Washington, D.C.
Country of publication United States
Journal subject Public Administration
Source type Newspapers
Language of publication English
Document type WIRE FEED
ProQuest document ID 1022741441
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document 10 of 10
Illinois Rural HealthNet and G4S Technology LLC sign construction contract
M2 EquityBites [London] 02 Feb 2012.
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Abstract (summary)
M2 EQUITYBITES-February 2, 2012-Illinois Rural HealthNet and G4S Technology LLC sign construction contract
The Illinois Rural HealthNet (IRHN) on Wednesday announced that it has signed a construction contract with G4S Technology LLC.
Full Text
M2 EQUITYBITES-February 2, 2012-Illinois Rural HealthNet and G4S Technology LLC sign construction contract
(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com
The Illinois Rural HealthNet (IRHN) on Wednesday announced that it has signed a construction contract with G4S Technology LLC.
Designed to facilitate the deployment of a new USD21m fiber optic medical network, the new network should allow residents of Illinois access to advanced
medical care.
The IRNH is a not-for-profit corporation of health care providers who have united to deploy and maintain a high speed network which connects rural
hospitals and health care clinics in Illinois.
Under the terms of the contract G4S Technology will provide construction services to connect hospitals and clinics to existing backbone fibre routes.
((Comments on this story may be sent to info@m2.com))
(Copyright M2 Communications, 2012)
Indexing (details)
Title Illinois Rural HealthNet and G4S Technology LLC sign construction contract
Publication title M2 EquityBites
Publication year 2012
Publication date Feb 2, 2012
Year 2012
Publisher Normans Media Ltd
Place of publication London
Country of publication United Kingdom
Journal subject Business And Economics
Source type Wire Feeds
Language of publication English
Document type News
ProQuest document ID 919410872
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