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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
4. SEGMENT INFORMATION:
Quanta reports its results under three reportable segments described below:
•Electric Power Infrastructure Solutions (Electric Power). Quanta’s Electric Power segment provides comprehensive infrastructure solutions to customers in the electric power, technology and communications markets.
•Renewable Energy Infrastructure Solutions (Renewable Energy). Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry.
•Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products.
Corporate and Non-allocated Costs include corporate facility costs; non-allocated corporate salaries, benefits and
incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.
Quanta’s segment results are derived from the types of services provided across its operating companies in each of its end user markets. Quanta’s entrepreneurial business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end user markets. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company. Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management.
In addition, integrated operations and common administrative support for Quanta’s operating companies require that allocations be made to determine segment profitability, including allocations of certain corporate shared and indirect operating costs as well as general and administrative costs.
The following table sets forth segment revenues and segment operating income (loss) for the three and six months ended June 30, 2024 and 2023. 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,
 2024202320242023
Revenues:  
Electric Power
$2,452,488 43.8 %$2,415,254 47.9 %$4,779,448 44.9 %$4,751,291 50.1 %
Renewable Energy
2,034,392 36.4 1,389,368 27.5 3,618,556 34.1 2,397,668 25.3 
Underground and Infrastructure
1,107,507 19.8 1,243,988 24.6 2,228,202 21.0 2,328,477 24.6 
Consolidated revenues$5,594,387 100.0 %$5,048,610 100.0 %$10,626,206 100.0 %$9,477,436 100.0 %
Operating income (loss):
  
Electric Power (1)
$263,860 10.8 %$244,017 10.1 %$491,885 10.3 %$459,166 9.7 %
Renewable Energy
162,721 8.0 %110,487 8.0 %237,567 6.6 %146,143 6.1 %
Underground and Infrastructure
81,593 7.4 %107,207 8.6 %128,481 5.8 %168,780 7.2 %
Corporate and Non-Allocated Costs (2)
(200,944)(3.6)%(182,438)(3.6)%(395,349)(3.7)%(368,956)(3.9)%
Consolidated operating income$307,230 5.5 %$279,273 5.5 %$462,584 4.4 %$405,133 4.3 %
(1)    Includes equity in earnings of integral unconsolidated affiliates of $8.6 million and $9.4 million for the three months ended June 30, 2024 and 2023 and $20.9 million and $19.0 million for the six months ended June 30, 2024 and 2023, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA).
(2)    Includes amortization expense of $79.2 million and $70.0 million and non-cash stock-based compensation of $37.3 million and $34.6 million for the three months ended June 30, 2024 and 2023. Includes amortization expense of $156.7 million and $142.4 million and non-cash stock-based compensation of $72.6 million and $62.1 million for the six months ended June 30, 2024 and 2023.
Depreciation Expense
Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Certain of Quanta’s fixed assets are used on an
interchangeable basis across its reportable segments. The following table sets forth depreciation expense by segment for the three and six months ended June 30, 2024 and 2023. The table shows dollars in thousands:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Depreciation:
Electric Power
$40,208 $41,357 $80,655 $83,442 
Renewable Energy
19,884 10,681 37,679 21,539 
Underground and Infrastructure
17,744 19,135 42,730 39,635 
Corporate and Non-Allocated Costs5,815 8,703 11,482 13,642 
Consolidated depreciation$83,651 $79,876 $172,546 $158,258