2014

Quanta Services Reports 2012 Fourth Quarter And Annual Results Record Annual Revenues & Operating Income

Record Backlog

HOUSTON, Feb. 21, 2013 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced results for the three and 12 months ended Dec. 31, 2012. On Dec. 3, 2012, Quanta sold substantially all of its domestic telecommunications infrastructure services operations. Accordingly, Quanta has presented these telecommunications subsidiaries for the current and prior periods as discontinued operations in the accompanying consolidated financial statements, supplemental data and reconciliation of non-GAAP financial measures.

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Revenues in the fourth quarter of 2012 were $1.67 billion compared to revenues of $1.39 billion in the fourth quarter of 2011. Net income from continuing operations attributable to common stock was $102.4 million, or $0.48 per diluted share, in the fourth quarter of 2012, versus $58.7 million, or $0.28 per diluted share, in the fourth quarter of 2011. Included in net income from continuing operations attributable to common stock for the fourth quarter of 2012 was $2.7 million of income, or a net benefit of $0.01 per diluted share, from the release of income tax contingencies due to the expiration of various statutes of limitations. Included in net income from continuing operations attributable to common stock for the fourth quarter of 2011 was a $32.6 million charge to cost of services ($20.4 million net of tax) related to a multiemployer pension plan partial withdrawal liability.  Also included in net income attributable to common stock for the fourth quarter of 2011 was $8.4 million of income from the release of income tax contingencies. The net impact of these two items to the fourth quarter of 2011 was a $0.06 reduction in diluted earnings per share. 

"Our record fourth quarter performance was the culmination of the best year in our company's history. During the year, we achieved nearly 36% internal revenue growth, expanded our margins and improved our industry leading safety results. I want to thank our dedicated employees for such a significant achievement," said Jim O'Neil, president and chief executive officer of Quanta Services. "Looking forward, we expect growth to continue in the energy markets we serve, as reflected by our record backlog at year end. Although timing of project starts can shift from one quarter to another, our end markets are robust. We will also continue to leverage our leadership position to enhance our service offerings to our customers."

Adjusted diluted earnings per share from continuing operations (a non-GAAP measure) were $0.51 for the fourth quarter of 2012 compared to $0.38 for the fourth quarter of 2011. Adjusted diluted earnings per share from continuing operations are before the impact of certain adjustments and therefore exclude the effect of the release of income tax contingencies, the charge related to a multiemployer pension plan partial withdrawal liability discussed previously and non-cash items such as amortization of intangible assets and non-cash compensation expense, all net of tax. See the attached table for a reconciliation of non-GAAP measures to the reported GAAP measures.

Revenues for the year ended Dec. 31, 2012 were $5.92 billion compared to $4.19 billion for the year ended Dec. 31, 2011. For 2012, net income from continuing operations attributable to common stock was $289.7 million or $1.36 per diluted share.  Included in net income attributable to common stock for 2012 was $7.9 million of income, or a net benefit of $0.04 per diluted share, from the release of income tax contingencies in the third and fourth quarters of 2012.  The results for 2012 compared to net income from continuing operations attributable to common stock of $118.5 million, or $0.56 per diluted share, for 2011, which includes the charge related to our multiemployer pension plan partial withdrawal and income from the release of income tax contingencies and settlement of certain tax audits discussed above. Adjusted diluted earnings per share from continuing operations (a non-GAAP measure) for the full year were $1.52 for 2012 as compared to $0.76 for 2011.

RECENT HIGHLIGHTS

  • Named Duke Austin Chief Operating Officer - In December 2012, Quanta announced that Duke Austin had been named chief operating officer effective Jan. 1, 2013. Austin oversees Quanta's domestic and international operations. He most recently held the title of president, Electric Power and Natural Gas and Pipeline Divisions and was previously responsible for Quanta's power and pipeline operations since January 2011.
  • Appointed Margaret Shannon to Board of Directors - In December 2012, Quanta announced the appointment of Margaret Shannon to the company's board of directors. Shannon brings vast experience from the energy industry, as well as in corporate governance.
  • Closed the Sale of Telecommunications Subsidiaries to Dycom Industries - In December 2012, Quanta announced that it closed the sale of its telecommunications subsidiaries to Dycom Industries, Inc. for net proceeds of approximately $265 million. The subsidiaries included in the transaction comprised substantially all of Quanta's former domestic telecommunications infrastructure services operations. Quanta intends to use the proceeds from the transaction to support its ongoing strategic growth initiatives and for general corporate purposes.
  • Selected by SaskPower to Install the Island Falls to Key Lake Transmission Line - In January, Quanta announced that SaskPower had selected Valard Construction, a Quanta Services company, to install transmission infrastructure for the Island Falls to Key Lake Transmission Line Project. Under the terms of the contract, Valard will build approximately 186 miles (300 kilometers) of 230-kilovolt transmission line in northern Saskatchewan. The project scope includes foundation construction, installation of approximately 900 transmission towers, wire stringing and related project management. The project is expected to be complete in the spring of 2015.
  • Awarded Contracts for Two Solar Tracking Facilities Totaling 40MWac - In February, Quanta announced that its subsidiary, Quanta Power Generation, Inc., had been selected by Con Edison Development (CED) to engineer, procure and construct two photovoltaic (PV) facilities totaling approximately 40 megawatts (MWac) located in Kings and Tulare counties, Calif.

OUTLOOK
The overall outlook for Quanta's business is positive. However, regulatory and permitting challenges may impact project timing. Therefore, Quanta's financial outlook for revenues and margins reflects management's efforts to properly align these uncertainties with the backlog the company is executing on and the opportunities expected to materialize in 2013. In addition, the company's outlook for 2013 reflects a reduction in emergency restoration revenues to more normalized levels, as 2012 results reflect record emergency restoration service revenues of over $250 million. Lastly, the company has not assumed any uncommitted mainline pipeline construction work in its 2013 financial outlook. The following forward-looking statements are based on current expectations, and actual results may differ materially.

Quanta expects revenues for the first quarter of 2013 to range between $1.3 billion and $1.4 billion and diluted earnings per share from continuing operations to be $0.28 to $0.30. Quanta expects adjusted diluted earnings per share from continuing operations (a non-GAAP measure) for the first quarter of 2013 to be $0.31 to $0.33. This non-GAAP measure is estimated on a similar basis as the calculations of historical adjusted diluted earnings per share from continuing operations presented in this press release. Amortization of intangibles and non-cash stock compensation expense are forecasted to be approximately $5.3 million and $5.6 million for the first quarter of 2013.

Quanta expects revenues for the full year 2013 to range between $5.7 billion and $6.2 billion.  Diluted earnings per share from continuing operations for the full year 2013 are estimated to be between $1.10 and $1.40. Quanta expects adjusted diluted earnings per share from continuing operations for the full year 2013 to range from $1.23 to $1.53.  Amortization of intangibles and non-cash stock compensation expense are forecasted to be approximately $20.2 million and $26.1 million for the full year 2013.

SUPPLEMENTAL FINANCIAL MEASURES
Certain consolidated historical financial information recast for discontinued operations has been filed with the Securities and Exchange Commission in a Form 8-K and posted to Quanta's website at www.quantaservices.com in the "Investors & Media" section.  The historical financial information includes consolidated statements of operations, earnings per share and segment data, as well as backlog information, for specified quarterly and year-to-date periods in 2012 and 2011 recast for discontinued operations.  In addition, certain non-GAAP financial measures and the associated reconciliations of these measures to reported GAAP measures that are derived from Quanta's recast historical financial information for such quarterly and year-to-date periods in 2012 and 2011 have also been posted to Quanta's website. 

NON-GAAP FINANCIAL MEASURES
The non-GAAP measures in this press release and on Quanta's website are provided to enable investors, analysts and management to evaluate Quanta's performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Quanta's operating results with those of its competitors. These measures should be used as an addition to, and not in lieu of, results prepared in conformity with GAAP. Reconciliations of other GAAP to non-GAAP measures not included in the table attached to this press release can be found on the company's website at www.quantaservices.com in the "Investors & Media" section.

CONFERENCE CALL INFORMATION
Quanta Services has scheduled a conference call for Feb. 21, 2013, at 9:30 a.m. Eastern Time. To participate in the call, dial 480-629-9643 at least 10 minutes before the conference call begins and ask for the Quanta Services conference call. Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the company's website at www.quantaservices.com. To listen to the call live on the Web, please visit the Quanta Services website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live event, an archive will be available shortly after the call on the company's website at www.quantaservices.com. A replay will also be available through Feb. 28, 2013, and may be accessed at 303-590-3030, using the pass code 4600021#. For more information, please contact Kip Rupp, vice president - Investor Relations at Quanta Services, by calling 713-341-7260 or emailing investors@quantaservices.com.  

ABOUT QUANTA SERVICES
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and natural gas and pipeline industries. Quanta's comprehensive services include designing, installing, repairing and maintaining network infrastructure. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in certain markets and offers related design, procurement, construction and maintenance services. With operations throughout North America and in certain international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

Forward-Looking Statements
This press release (and oral statements regarding the subject matter of this release, including those made on the conference call and webcast announced herein) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, projected revenues, earnings per share, margins, capital expenditures and other projections of financial and operating results; expectations regarding the 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 Quanta; potential opportunities that may be indicated by bidding activity or similar discussions with customers; the potential benefits from acquisitions; the business plans or financial condition of our customers; and Quanta's strategies and plans, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, the effects of industry, economic or political conditions outside of the control of Quanta; quarterly variations in operating results, including as a result of weather, site conditions, project schedules, regulatory and environmental restrictions, bidding and spending patterns and other factors that may affect the timing of or productivity on projects; 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 anticipated, pending or existing projects, including as a result of weather, regulatory or environmental processes, project performance issues or capital constraints that may impact our customers; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; the ability to obtain awards of projects on which we bid or are otherwise discussing with customers; the ability to attract skilled labor and retain key personnel and qualified employees; potential shortage of employees; dependence on fixed price contracts and the potential to incur losses with respect to these contracts; estimates relating to the use of percentage-of-completion accounting; the ability to generate internal growth; the ability to effectively compete for new projects and market share; the failure of renewable energy initiatives, the economic stimulus package or other existing or potential legislative actions to result in increased demand for Quanta's services; liabilities associated with multi-employer pension plans, including underfunding of liabilities and termination or withdrawal liabilities; the possibility of an increase in the liability associated with Quanta's partial withdrawal in the fourth quarter of 2011 from a multi-employer pension plan, including as a result of successful legal challenges by the pension plan; unexpected costs or liabilities that may arise from lawsuits or indemnity claims related to the services Quanta performs; liabilities for claims that are self-insured or not insured; potential additional risk exposure resulting from any unavailability or cancellation of third party insurance coverage, the exclusion of coverage for certain losses, or potential increases in premiums for coverage deemed beneficial to Quanta; cancellation provisions within contracts and the risk that contracts are not renewed or are replaced on less favorable terms; the potential that participation in joint ventures exposes us to liability and/or harm to our reputation for actions or omissions by our partners; our failure to comply with the terms of our contracts, which may result in unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations; the effect of natural gas, natural gas liquids and oil prices on Quanta's operations and growth opportunities; the future development of natural resources in shale areas; the inability of 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, potentially resulting in project delays or cancellations; budgetary or other constraints that may reduce or eliminate tax incentives for or government funding of projects, including stimulus projects, which may result in project delays or cancellations; estimates and assumptions in determining financial results and backlog; the ability to realize backlog; risks associated with operating 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 Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws; the ability to successfully identify and complete acquisitions, to effectively integrate acquired businesses and their operations, and to realize potential 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 Quanta's operations; the adverse impact of goodwill or other intangible asset impairments; the adverse impact of impairments of investments in third parties; growth outpacing our decentralized management and infrastructure; requirements relating to governmental regulation and changes thereto; inability to enforce our intellectual property rights or the obsolescence of such rights; risks associated with the implementation of an information technology solution; the impact of a unionized workforce on operations, including labor stoppages or interruptions due to strikes or lockouts; and the ability to complete future acquisitions; potential liabilities relating to occupational health and safety matters; our dependence on suppliers, subcontractors and equipment manufacturers and their ability to perform their obligations; risks associated with Quanta's fiber optic licensing business, including regulatory and tax changes and the potential inability to realize a return on capital investments; beliefs and assumptions about the collectability of receivables; the cost of borrowing, availability of credit, fluctuations in the price and volume of Quanta's common stock, debt covenant compliance, interest rate fluctuations and other factors affecting financing and investment activities; the ability to access sufficient funding to finance desired growth and operations; the ability to obtain performance bonds; the ability to continue to meet the requirements of the Sarbanes-Oxley Act of 2002; potential exposure to environmental liabilities; rapid technological and structural changes that could reduce the demand for services; the potential impact of increased healthcare costs arising from federal healthcare reform, and other risks detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2011 and Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.


Contacts:

Derrick Jensen, CFO


Kip Rupp, CFA - Investors


Stephanie Moreland - Media


Quanta Services, Inc.


713-629-7600

 

 

Quanta Services, Inc. and Subsidiaries

Consolidated Statements of Operations

For the Three and Twelve Months Ended December 31, 2012 and 2011

(In thousands, except per share information)

(Unaudited)




















Three Months Ended


Twelve Months Ended


December 31,


December 31,


2012


2011


2012


2011

Revenues

$ 1,673,342


$ 1,393,004


$ 5,920,269


$ 4,193,764

Cost of services (including depreciation)

1,386,603


1,181,113


4,982,562


3,599,448

Multi-employer pension plan withdrawal expense


32,600



32,600

Gross profit

286,739


179,291


937,707


561,716

Selling, general and administrative expenses

116,976


89,393


434,894


337,835

Amortization of intangible assets

8,910


8,292


37,691


29,039

Operating income

160,853


81,606


465,122


194,842

Interest expense

(1,250)


(573)


(3,746)


(1,803)

Interest income

293


305


1,471


1,066

Equity in earnings of unconsolidated affiliates

776



2,084


Other income (expense), net

24


(133)


(351)


(597)

Income from continuing operations before income tax provision

160,696


81,205


464,580


193,508

Provision for income taxes

55,323


17,996


158,859


63,096

Net income from continuing operations

105,373


63,209


305,721


130,412

Income (loss) from discontinued operations, net of taxes

(3,364)


7,599


16,935


14,004

Net income

102,009


70,808


322,656


144,416

Less: Net income attributable to noncontrolling interests

3,023


4,494


16,027


11,901

Net income attributable to common stock

$   98,986


$   66,314


$  306,629


$  132,515









Amounts attributable to common stock:








Net income from continuing operations

$  102,350


$   58,715


$  289,694


$  118,511

Net income (loss) from discontinued operations

(3,364)


7,599


16,935


14,004

Net income attributable to common stock

$   98,986


$   66,314


$  306,629


$  132,515









Earnings per share attributable to common stock – basic and diluted:








Net income from continuing operations

$     0.48


$     0.28


$     1.36


$     0.56

Net income (loss) from discontinued operations

(0.02)


0.04


0.08


0.06

Net income attributable to common stock

$     0.46


$     0.32


$     1.44


$     0.62









Weighted average shares used in computing earnings per share:








Basic

213,285


210,085


212,777


212,648

Diluted

213,350


210,204


212,835


213,168

 

Quanta Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)



December 31,

2012


December 31,

2011

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$   394,701


$   315,349

Accounts receivable, net

1,328,081


959,887

Costs and estimated earnings in excess of billings on uncompleted contracts

342,777


189,167

Inventories

38,261


62,519

Prepaid expenses and other current assets

97,907


105,001

Current assets of discontinued operations


133,231

Total current assets

2,201,727


1,765,154

PROPERTY AND EQUIPMENT, net

1,045,983


938,902

OTHER ASSETS, net

171,566


150,079

OTHER INTANGIBLE ASSETS, net

183,836


200,876

GOODWILL

1,537,645


1,470,811

NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS


173,292

Total assets

$ 5,140,757


$ 4,699,114





LIABILITIES AND EQUITY




CURRENT LIABILITIES:




Current maturities of long-term debt and notes payable

$            9


$           56

Accounts payable and accrued expenses

707,285


570,572

Billings in excess of costs and estimated earnings on uncompleted contracts

173,885


144,599

Current liabilities of discontinued operations


65,849

Total current liabilities

881,179


781,076

LONG-TERM DEBT


DEFERRED INCOME TAXES AND OTHER NON-CURRENT LIABILITIES

487,662


526,196

LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS


2,579

Total liabilities

1,368,841


1,309,851

TOTAL STOCKHOLDERS' EQUITY

3,766,548


3,381,952

NONCONTROLLING INTERESTS

5,368


7,311

TOTAL EQUITY

3,771,916


3,389,263

Total liabilities and equity

$ 5,140,757


$ 4,699,114

 

 



Quanta Services, Inc. and Subsidiaries

Supplemental Data

 (In thousands, except percentages)

(unaudited)

Segment Results

Quanta reports its results under three reporting segments: (1) Electric Power Infrastructure Services, (2) Natural Gas and Pipeline Infrastructure Services and (3) Fiber Optic Licensing and Other, as set forth below (in thousands, except percentages).



Three Months Ended December 31,


Twelve Months Ended December 31,


2012

2011


2012

2011

Revenues:










Electric Power

$ 1,179,637

70.5%

$   974,797

70.0%


$ 4,206,509

71.1%

$ 3,022,659

72.1%

Natural Gas and Pipeline

445,936

26.6

376,333

27.0


1,534,713

25.9

1,011,248

24.1

Fiber Optic Licensing and Other

47,769

2.9

41,874

3.0


179,047

3.0

159,857

3.8

Consolidated revenues

$ 1,673,342

100.0%

$ 1,393,004

100.0%


$ 5,920,269

100.0%

$ 4,193,764

100.0%











Operating income (loss):










Electric Power

$   158,439

13.4%

$   131,155

13.5%


$   520,834

12.4%

$   337,726

11.2%

Natural Gas and Pipeline

27,461

6.2

(35,909) (a)

(9.5)


55,410

3.6

(78,307) (a)

(7.7)

Fiber Optic Licensing and Other

16,223

34.0

15,620

37.3


61,299

34.2

53,476

33.5

Corporate and Non-Allocated Costs

(41,270)

  N/A

(29,260)

N/A


(172,421)

N/A

(118,053)

N/A

Consolidated operating income

$   160,853

9.6%

$    81,606(a)

 

5.9%


$465,122

7.9%

$   194,842(a)

4.6%



(a)

Included in the operating loss for the Natural Gas and Pipeline Infrastructure Services segment for the fourth quarter and full year of 2011 is a $32.6 million charge related to the withdrawal by certain Quanta subsidiaries from a multi-employer pension plan.

Backlog
Backlog represents the amount of revenue that Quanta expects to realize from work to be performed in the future on uncompleted contracts, including new contractual arrangements on which work has not yet begun. Backlog estimates include amounts under long-term maintenance contracts or master service agreements (MSAs), in addition to construction contracts. Quanta estimates the amount of work to be disclosed as backlog as the estimate of future work to be performed by using recurring historical trends inherent in the current MSAs, factoring in seasonal demand and projecting customer needs based upon ongoing communications with the customer. Generally, Quanta's customers are not contractually committed to specific volumes of services under Quanta's MSAs, and many of the company's contracts may be terminated with notice. There can be no assurance as to Quanta's customers' requirements or that Quanta's estimates are accurate. In addition, many of Quanta's MSAs, as well as contracts for fiber optic licensing, are subject to renewal options. For purposes of calculating backlog, Quanta has included future renewal options only to the extent that the renewals can reasonably be expected to occur.

The following table presents Quanta's total backlog by reportable segment as of December 31, 2012, September 30, 2012 and December 31, 2011, along with an estimate of the backlog amounts expected to be realized within 12 months of each date (in millions):






Backlog as of






December 31, 2012


September 30, 2012


December 31, 2011


12 Month


Total


12 Month


Total


12 Month


Total













Electric Power

$   2,864.9


$ 4,918.2


$ 2,856.6


$ 4,803.3


$ 2,352.1


$ 4,946.5

Natural Gas and Pipeline

797.0


1,566.3


863.3


1,513.6


764.1


1,343.2

Fiber Optic Licensing and Other

145.0


502.5


127.5


469.2


148.9


464.0

Total

$   3,806.9


$ 6,987.0


$ 3,847.4


$ 6,786.1


$ 3,265.1


$ 6,753.7

 

 

Quanta Services, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

For the Three and Twelve Months Ended December 31, 2012 and 2011

(In thousands, except per share information)

(Unaudited)


The non-GAAP measure of adjusted diluted earnings per share from continuing operations is provided to enable investors to evaluate performance excluding the effects of items that management believes impact the comparability of operating results between periods. As to certain of the items below, (i) amortization of intangible assets is impacted by Quanta's acquisition activity, which can cause these amounts to vary from period to period; (ii) non-cash compensation expense may vary due to acquisition activity, factors influencing the estimated fair value of performance-based awards, estimated forfeiture rates and amounts granted during the period, (iii) acquisition costs vary period to period depending on the level of Quanta's acquisition activity ongoing during the period and (iv) tax contingency releases vary period to period depending on the level of reserves for uncertain tax positions and the expiration dates of various federal and state tax statutes of limitations.


















Three Months Ended


Twelve Months Ended


December 31,


December 31,


2012


2011


2012


2011

Adjusted diluted earnings per share from continuing operations:








Net income from continuing operations attributable to common stock (GAAP as reported)

$  102,350


$   58,715


$  289,694


$  118,511

Adjustments:








Impact of multi-employer pension plan withdrawal expense, net of tax (a)

-


20,425


-


20,425

    Impact of tax contingency releases and certain audit settlements (b)         

(2,671)


(8,443)


(7,856)


(8,443)

    Acquisition costs, net of tax

-


421


1,961


1,053

Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments

99,679


71,118


283,799


131,546

Non-cash stock-based compensation, net of tax (c)

3,580


2,986


15,854


11,884

Amortization of intangible assets, net of tax (c)

5,775


5,555


24,603


19,449

Adjusted net income from continuing operations attributable to








common stock for adjusted diluted earnings per share from

continuing operations

$  109,034


$   79,659


$  324,256


$  162,879









Calculation of weighted average shares for adjusted

    diluted earnings per share from continuing operations:








Weighted average shares outstanding for basic earnings per

    share

213,285


210,085


212,777


212,648

Effect of dilutive stock options

65


119


58


126

Effect of shares held in escrow

-


-


-


394

Weighted average shares outstanding for adjusted diluted

    earnings per share from continuing operations

213,350


210,204


212,835


213,168

Adjusted diluted earnings per share from continuing operations    

$   0.51


$    0.38


$    1.52


$    0.76


(a)    

Reflects the elimination of the fourth quarter 2011 charge related to the withdrawal by certain subsidiaries from a multi-employer pension plan.

(b)    

Reflects the elimination of tax benefits primarily associated with the expiration of various federal and state tax statutes of limitations during the third and fourth quarters of 2012 and the fourth quarter of 2011.  Such benefits are subject to significant uncertainty surrounding the timing and amount of their release. 

(c)     

Reflects amounts attributable to continuing operations.

 

SOURCE Quanta Services, Inc.



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