HOUSTON, Aug. 6, 2020 /PRNewswire/ -- Quanta Services, Inc. (NYSE:PWR) today announced that its board of directors, in support of management's request, has authorized the company to repurchase, from time to time through June 30, 2023, up to $500 million in shares of its outstanding common stock under a new stock repurchase program. The new program is in addition to the remaining $87 million available under the previously authorized $500 million stock repurchase program, pursuant to which Quanta has repurchased approximately 13.0 million shares of its common stock in the open market for a total cost of approximately $413 million and which authorizes repurchases through August 2021.
"Since mid-2014, Quanta has allocated approximately $2.4 billion to repurchase 93.3 million shares of its outstanding stock under several stock repurchase authorizations, representing approximately 43% of our outstanding common stock as of the start of those programs. This new stock repurchase program demonstrates our continued confidence in Quanta's long-term growth prospects and commitment to enhancing stockholder value," said Duke Austin, President and Chief Executive Officer of Quanta Services. "We continue to have a positive multi-year outlook and believe we are well positioned for growth over the next several years. Quanta has performed well during the current unprecedented health and economic conditions and we are confident in the resiliency and sustainability of our business model. We believe the successful execution of our key objectives over the past several years, coupled with significant financial liquidity, provide the strength and flexibility to not only navigate through times of uncertainty, but emerge better positioned. With our strong cash flow generation and balance sheet and disciplined approach to capital allocation, we remain poised to execute on our strategic growth initiatives while returning significant capital to stockholders."
The new repurchase program may be implemented through open market repurchases or privately negotiated transactions, at management's discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. The new stock repurchase program does not obligate Quanta to acquire any specific amount of common stock authorized and may be modified or terminated by Quanta's board at any time at its sole discretion and without notice.
About Quanta Services Quanta Services is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, pipeline, energy and communications industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
Forward Looking Statements This press release (and any oral statements regarding the subject matter of this press release) 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, statements relating to projected operating or financial results; expectations regarding Quanta's business or financial outlook; expectations regarding the COVID-19 pandemic, including the potential impact of the COVID-19 pandemic and of governmental responses to the pandemic on Quanta's business, operations, capital allocation, supply chain, personnel, financial condition, results of operations, cash flows and liquidity; Quanta's plans, strategies and opportunities, including the plans, timing, effects and other matters relating to the COVID-19 pandemic; future capital allocation initiatives, including the amount, timing and strategies with respect to any future stock repurchases; the ability to deliver increased value or return capital to stockholders; 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, market conditions; the effects of industry, economic, financial or political conditions outside of the control of Quanta, including weakness in capital markets or the ongoing and potential impact to financial markets and worldwide economic activity resulting from the COVID-19 pandemic and related governmental actions; quarterly variations in operating results, liquidity, financial condition, cash flows, capital requirements, reinvestment opportunities or other financial results, including the ongoing and potential impact to Quanta's business, operations and supply chain of the COVID-19 pandemic and related governmental actions; the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business and governmental responses to the pandemic on Quanta's operations, personnel and supply chain and on commercial activity and demand across Quanta's and Quanta's customers' businesses; Quanta's inability to predict the extent to which the COVID-19 pandemic and related impacts will adversely impact its business, financial performance, results of operations, financial position, the prices of its securities and the achievement of its strategic objectives; trends and growth opportunities in relevant markets; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts, including the ability to obtain future project awards; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; loss of customers with whom Quanta has long-standing or significant relationships; requirements or restrictions relating to stock repurchases, including under the credit agreement for Quanta's senior secured credit facility; debt covenant compliance, interest rate fluctuations and other factors affecting financing and investing activities; fluctuations in the price and trading volume of Quanta's common stock; the impact of income tax laws; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2019, Quanta's Quarterly Reports on Form 10-Q for the quarter ended Mar. 31, 2020 and for the quarter ended Jun. 30, 2020 (when filed) any other documents that Quanta files with the Securities and Exchange Commission (SEC). 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. 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. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.