QUANTA SERVICES INC, QUANTA SERVICES MANAGEMENT ...

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.
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