QUANTA SERVICES INC, QUANTA SERVICES MANAGEMENT ...

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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