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Segment Information | 9 Months Ended
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Sep. 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 nine months ended September 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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Power |  | $ | 2,982,032 |  |  | 45.9 | % |  | $ | 2,489,547 |  |  | 44.3 | % |  | $ | 7,761,480 |  |  | 45.3 | % |  | $ | 7,240,838 |  |  | 48.0 | %
Renewable Energy |  | 2,251,855 |  |  | 34.7 |  |  | 1,746,636 |  |  | 31.1 |  |  | 5,870,411 |  |  | 34.3 |  |  | 4,144,304 |  |  | 27.4 |
Underground and Infrastructure |  | 1,259,280 |  |  | 19.4 |  |  | 1,384,639 |  |  | 24.6 |  |  | 3,487,482 |  |  | 20.4 |  |  | 3,713,116 |  |  | 24.6 |
Consolidated revenues |  | $ | 6,493,167 |  |  | 100.0 | % |  | $ | 5,620,822 |  |  | 100.0 | % |  | $ | 17,119,373 |  |  | 100.0 | % |  | $ | 15,098,258 |  |  | 100.0 | %
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Power (1) |  | $ | 354,505 |  |  | 11.9 | % |  | $ | 296,176 |  |  | 11.9 | % |  | $ | 846,390 |  |  | 10.9 | % |  | $ | 755,342 |  |  | 10.4 | %
Renewable Energy |  | 221,509 |  |  | 9.8 | % |  | 151,389 |  |  | 8.7 | % |  | 459,076 |  |  | 7.8 | % |  | 297,532 |  |  | 7.2 | %
Underground and Infrastructure |  | 93,956 |  |  | 7.5 | % |  | 123,764 |  |  | 8.9 | % |  | 222,437 |  |  | 6.4 | % |  | 292,544 |  |  | 7.9 | %
Corporate and Non-Allocated Costs (2) |  | (238,809) |  |  | (3.7) | % |  | (171,000) |  |  | (3.0) | % |  | (634,158) |  |  | (3.7) | % |  | (539,956) |  |  | (3.6) | %
Consolidated operating income |  | $ | 431,161 |  |  | 6.6 | % |  | $ | 400,329 |  |  | 7.1 | % |  | $ | 893,745 |  |  | 5.2 | % |  | $ | 805,462 |  |  | 5.3 | %
(1) Includes equity in earnings of integral unconsolidated affiliates of $14.0 million and $11.7 million for the three months ended September 30, 2024 and 2023 and $34.9 million and $30.7 million for the nine months ended September 30, 2024 and 2023, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA). (2) Includes amortization expense of $110.4 million and $71.4 million and non-cash stock-based compensation of $38.2 million and $32.5 million for the three months ended September 30, 2024 and 2023. Includes amortization expense of $267.1 million and $213.8 million and non-cash stock-based compensation of $110.8 million and $94.6 million for the nine months ended September 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 nine months ended September 30, 2024 and 2023. The table shows dollars in thousands:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation: |  |  |  |  |  |  |  |
Electric Power |  | $ | 42,120 |  |  | $ | 38,228 |  |  | $ | 122,775 |  |  | $ | 121,670 |
Renewable Energy |  | 20,619 |  |  | 15,812 |  |  | 58,298 |  |  | 37,351 |
Underground and Infrastructure |  | 21,414 |  |  | 23,940 |  |  | 64,144 |  |  | 63,575 |
Corporate and Non-Allocated Costs |  | 5,826 |  |  | 3,508 |  |  | 17,308 |  |  | 17,150 |
Consolidated depreciation |  | $ | 89,979 |  |  | $ | 81,488 |  |  | $ | 262,525 |  |  | $ | 239,746 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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