Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

The following table sets forth segment revenues and segment operating income (loss) and operating margins for the three and six months ended June 30, 2023 and 2022. Operating margin is calculated by dividing operating income (loss) by revenues. The following table shows dollars in thousands:


	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Revenues:
Electric Power Infrastructure Solutions	$	2,415,254	47.9	%	$	2,199,430	52.0	%	$	4,751,291	50.1	%	$	4,338,127	52.9	%
Renewable Energy Infrastructure Solutions	1,389,368		27.5		924,236		21.8		2,397,668		25.3		1,799,868		22.0
Underground Utility and Infrastructure Solutions	1,243,988		24.6		1,108,337		26.2		2,328,477		24.6		2,059,533		25.1
Consolidated revenues	$	5,048,610	100.0	%	$	4,232,003	100.0	%	$	9,477,436	100.0	%	$	8,197,528	100.0	%
Operating income (loss):
Electric Power Infrastructure Solutions (1)	$	244,017	10.1	%	$	232,150	10.6	%	$	459,166	9.7	%	$	435,569	10.0	%
Renewable Energy Infrastructure Solutions	110,487		8.0	%	81,687		8.8	%	146,143		6.1	%	151,629		8.4	%
Underground Utility and Infrastructure Solutions	107,207		8.6	%	89,943		8.1	%	168,780		7.2	%	138,118		6.7	%
Corporate and Non-Allocated Costs (2)	(182,438)		(3.6)	%	(195,424)		(4.6)	%	(368,956)		(3.9)	%	(399,444)		(4.9)	%
Consolidated operating income	$	279,273	5.5	%	$	208,356	4.9	%	$	405,133	4.3	%	$	325,872	4.0	%

(1) Includes equity in earnings of integral unconsolidated affiliates of $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022 and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA).

(2) Includes amortization expense of $70.0 million and $107.9 million and non-cash stock-based compensation of $34.6 million and $28.1 million for the three months ended June 30, 2023 and 2022. Includes amortization expense of $142.4 million and $223.7 million and non-cash stock-based compensation of $62.1 million and $51.1 million for the six months ended June 30, 2023 and 2022.

The following table shows dollars in thousands:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Depreciation:
Electric Power Infrastructure Solutions	$	41,357	$	36,781	$	83,442	$	73,560
Renewable Energy Infrastructure Solutions	10,681		10,178		21,539		18,411
Underground Utility and Infrastructure Solutions	19,135		20,667		39,635		41,605
Corporate and Non-Allocated Costs	8,703		6,333		13,642		11,337
Consolidated depreciation	$	79,876	$	73,959	$	158,258	$	144,913