QUANTA SERVICES INC, QUANTA SERVICES MANAGEMENT ...

®
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)