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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)  
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021.
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the transition period from          to          .
Commission File Number:001-13831
pwr-20210930_g1.jpg
Quanta Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2851603
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2800 Post Oak Boulevard, Suite 2600
Houston, Texas 77056
(Address of principal executive offices, including zip code)
(713629-7600
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par valuePWRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer  
Non-accelerated filer
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No 
As of November 2, 2021, the number of outstanding shares of Common Stock of the registrant was 142,499,280.
QUANTA SERVICES, INC. AND SUBSIDIARIES
INDEX
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Cautionary Statement About Forward-Looking Statements and Information
This Quarterly Report on Form 10-Q (Quarterly Report) of Quanta Services, Inc. (together with its subsidiaries, Quanta, we, us or our) includes forward-looking statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “may,” “will,” “should,” “could,” “expect,” “believe,” “plan,” “intend” and other words of similar meaning. In particular, these include, but are not limited to, statements relating to the following:
Projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures and tax rates, as well as other projections of operating and GAAP (as defined below) and non-GAAP financial results;
Expectations regarding our business or financial outlook;
Expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries, including with respect to our increased operations in the renewable energy market after our acquisition of Blattner (as defined below);
Expectations regarding the pandemic associated with the novel coronavirus disease that began in 2019 (COVID-19), including the continued and potential impact of the COVID-19 pandemic and of governmental responses to the pandemic (including, among other things, implementation of vaccination and testing requirements) on our business, operations, supply chain, personnel, financial condition, results of operations, cash flows and liquidity;
Expectations regarding our plans and strategies;
The business plans or financial condition of our customers, including with respect to the COVID-19 pandemic and the transition to a carbon-neutral economy;
The potential impact of commodity prices and production volumes on our business, financial condition, results of operations, cash flows and demand for our services;
The potential benefits from, and future financial and operational performance of, acquired businesses and our investments, including Blattner and our equity interest in LUMA (as defined below);
Beliefs and assumptions about the collectability of receivables;
The expected value of contracts or intended contracts with customers, as well as the scope, services, term or results of any awarded or expected projects;
The development of and opportunities with respect to future projects, including renewable energy projects and larger electric transmission and pipeline projects;
Future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future stock repurchases and expectations regarding the declaration, amount and timing of any future cash dividends;
The impact of existing or potential legislation or regulation;
Potential opportunities that may be indicated by bidding activity or similar discussions with customers;
The future demand for, availability of and costs related to labor resources in the industries we serve;
The expected realization of our remaining performance obligations or backlog;
The expected outcome of pending or threatened legal proceedings;
Expectations with respect to our ability to reduce our debt and maintain our current credit ratings; and
Possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties.
These forward-looking statements are not guarantees of future performance, involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management’s beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. These statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties, including the following:
Market, industry, economic, financial or political conditions that are outside of our control, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which we operate, weakness in the capital markets and the ongoing and potential impact on financial markets and worldwide economic activity of the COVID-19 pandemic and governmental responses thereto;
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Quarterly variations in our operating and financial results, liquidity, financial condition, cash flows, capital requirements, and reinvestment opportunities, including the ongoing and potential impact to our business, operations, workforce and supply chains resulting from the COVID-19 pandemic and governmental responses thereto (including, among other things, implementation of vaccination and testing requirements);
The severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business and governmental responses thereto on our operations, personnel and supply chains, and on commercial activity and demand across our business and our customers’ businesses, as well as our inability to predict the extent to which the COVID-19 pandemic will adversely impact our business, financial performance, results of operations, financial position, liquidity, cash flows, the price of our securities and the achievement of our strategic objectives;
Trends and growth opportunities in relevant markets, including our ability to obtain future project awards;
The time and costs required to exit and resolve outstanding matters related to our Latin American operations, as well as the business and political climate in Latin America;
Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, the COVID-19 pandemic, supply chain disruptions, weather, regulatory or permitting issues, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, reductions or eliminations in governmental funding or customer capital constraints;
The effect of commodity prices and commodity production volumes on our operations and growth opportunities and on our customers’ capital programs and demand for our services;
The successful negotiation, execution, performance and completion of anticipated, pending and existing contracts;
Risks associated with operational hazards that arise due to the nature of the services we provide and the conditions in which we operate, including, among others, wildfires and explosions;
Unexpected costs, liabilities, fines or penalties that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans (e.g., underfunding of liabilities, termination or withdrawal liability) or other claims or actions asserted against us, including amounts that are not covered by, or are in excess of the coverage under, our third-party insurance;
Potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums for coverage deemed beneficial to us, or the unavailability of coverage deemed beneficial to us at reasonable and competitive rates (e.g., coverage for wildfire events);
Damage to our brands or reputation arising as a result of cyber-security breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform a high-profile project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents;
Disruptions in, or failure to adequately protect, our information technology systems;
Our dependence on suppliers, subcontractors, equipment manufacturers and other third parties and the impact of the COVID-19 pandemic on these service providers;
Estimates and assumptions related to our financial results, remaining performance obligations and backlog;
Our ability to attract, the potential shortage of, and increased costs with respect to skilled employees, as well as our ability to retain key personnel and qualified employees;
Our dependence on fixed price contracts and the potential that we incur losses with respect to these contracts, including as a result of inaccurate estimates of project costs or inability to meet project schedule requirements or achieve guaranteed performance or quality standards for a project;
Adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics (including the ongoing COVID-19 pandemic), hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards;
Our ability to generate internal growth;
Competition in our business, including our ability to effectively compete for new projects and market share;
The future development of natural resources;
The failure of existing or potential legislative actions and initiatives to result in increased demand for our services;
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Fluctuations of prices of certain materials and equipment used in our and our customers’ businesses, including as a result of inflation, supply chain disruptions, governmental regulations on sourcing, the imposition of tariffs, and other changes in U.S. trade relationships with foreign countries;
Cancellation provisions within our contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms;
Loss of customers with whom we have long-standing or significant relationships;
The potential that our participation in joint ventures or similar structures exposes us to liability or harm to our reputation as a result of acts or omissions by our partners;
Our inability or failure to comply with the terms of our contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations;
The inability or refusal of our customers or third-party contractors to pay for services, which could be attributable to, among other things, the COVID-19 pandemic or challenged energy markets, and which could result in our inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims;
Budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, including renewable energy projects, which may result in project delays or cancellations;
Our inability to successfully complete our remaining performance obligations or realize our backlog;
Technological advancements and market developments that could reduce demand for our services;
Risks associated with operating in international markets, including instability of foreign governments, currency exchange fluctuations, and compliance with unfamiliar foreign legal systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties;
Our inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses;
The potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in our operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments;
The adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments;
Difficulties arising from our decentralized management structure;
The impact of the unionized portion of our workforce on our operations, including labor stoppages or interruptions due to strikes or lockouts;
An inability to access sufficient funding to finance desired growth and operations, including our ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of our common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting our financing and investing activities;
Our ability to obtain bonds, letters of credit and other project security;
Risks related to the implementation of new information technology systems;
New or changed tax laws, treaties or regulations;
Inability to realize deferred tax assets;
Significant fluctuations in foreign currency exchange rates; and
The other risks and uncertainties described elsewhere herein, including in Item 1A. Risk Factors of Part II of this Quarterly Report and in Item 1A. Risk Factors of Part I of our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Annual Report), and as may be detailed from time to time in our other public filings with the U.S. Securities and Exchange Commission (SEC).
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All of our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. Although forward-looking statements reflect our good faith beliefs at the time they are made, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. In addition, we do not undertake and expressly disclaim any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise.
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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
(Unaudited)
September 30,
2021
December 31, 2020
ASSETS
Current Assets:  
Cash and cash equivalents$1,696,210 $184,620 
Accounts receivable, net of allowances of $39,709 and $16,546
3,002,172 2,716,083 
Contract assets760,279 453,832 
Inventories61,959 50,472 
Prepaid expenses and other current assets183,514 183,382 
Total current assets5,704,134 3,588,389 
Property and equipment, net of accumulated depreciation of $1,481,416 and $1,372,132
1,601,500 1,560,656 
Operating lease right-of-use assets232,282 256,845 
Other assets, net602,838 435,713 
Other intangible assets, net of accumulated amortization of $582,126 and $517,574
388,999 435,655 
Goodwill2,145,963 2,121,014 
Total assets$10,675,716 $8,398,272 
LIABILITIES AND EQUITY
Current Liabilities:  
Current maturities of long-term debt and short-term debt$23,748 $14,764 
Current portion of operating lease liabilities78,869 85,134 
Accounts payable and accrued expenses1,760,789 1,509,794 
Contract liabilities501,142 528,864 
Total current liabilities2,364,548 2,138,556 
Long-term debt, net of current maturities2,930,905 1,174,294 
Operating lease liabilities, net of current portion161,320 178,822 
Deferred income taxes184,827 166,407 
Insurance and other non-current liabilities400,284 391,221 
Total liabilities6,041,884 4,049,300 
Commitments and Contingencies
Equity:  
Common stock, $0.00001 par value, 600,000,000 shares authorized, 165,007,258 and 162,710,792 shares issued, and 139,111,888 and 138,300,191 shares outstanding
2 2 
Additional paid-in capital2,232,319 2,170,026 
Retained earnings3,620,409 3,264,967 
Accumulated other comprehensive loss(242,986)(232,997)
Treasury stock, 25,895,370 and 24,410,601 common shares
(979,034)(857,817)
Total stockholders’ equity4,630,710 4,344,181 
Non-controlling interests3,122 4,791 
Total equity4,633,832 4,348,972 
Total liabilities and equity$10,675,716 $8,398,272 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share information)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Revenues$3,353,278 $3,020,161 $9,056,675 $8,290,487 
Cost of services (including depreciation)2,818,602 2,512,647 7,701,398 7,095,513 
Gross profit534,676 507,514 1,355,277 1,194,974 
Equity in earnings of integral unconsolidated affiliates10,232 5,120 22,865 6,165 
Selling, general and administrative expenses(274,846)(250,654)(788,308)(709,299)
Amortization of intangible assets(22,772)(19,687)(65,418)(55,374)
Asset impairment charges  (2,319) 
Change in fair value of contingent consideration liabilities787 (78)1,360 (598)
Operating income248,077 242,215 523,457 435,868 
Interest expense(17,259)(11,049)(42,843)(33,709)
Interest income72 80 3,098 1,114 
Other income (expense), net6,089 2,931 18,232 (3,649)
Income before income taxes236,979 234,177 501,944 399,624 
Provision for income taxes61,581 70,477 116,256 119,626 
Net income175,398 163,700 385,688 279,998 
Less: Net income attributable to non-controlling interests1,033 787 4,529 4,453 
Net income attributable to common stock$174,365 $162,913 $381,159 $275,545 
Earnings per share attributable to common stock:
Basic$1.25 $1.16 $2.72 $1.95 
Diluted$1.21 $1.13 $2.64 $1.90 
Shares used in computing earnings per share:
Weighted average basic shares outstanding140,008 140,542 140,134 141,610 
Weighted average diluted shares outstanding144,304 144,363 144,448 144,985 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income$175,398 $163,700 $385,688 $279,998 
Other comprehensive income (loss), net of tax provision:
Foreign currency translation adjustment, net of tax of $0, $0, $0 and $0
(26,429)15,707 (10,009)(32,524)
Other, net of tax of $1, $0, $4 and $0
6  20  
Other comprehensive income (loss)(26,423)15,707 (9,989)(32,524)
Comprehensive income148,975 179,407 375,699 247,474 
Less: Comprehensive income attributable to non-controlling interests1,033 787 4,529 4,453 
Total comprehensive income attributable to common stock$147,942 $178,620 $371,170 $243,021 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Cash Flows from Operating Activities:  
Net income$175,398 $163,700 $385,688 $279,998 
Adjustments to reconcile net income to net cash provided by operating activities— 
Depreciation61,616 56,244 186,480 165,180 
Amortization of intangible assets22,772 19,687 65,418 55,374 
Asset impairment charges   2,319  
Impairment of cost method investment   9,311 
Change in fair value of contingent consideration liabilities(787)78 (1,360)598 
Equity in (earnings) losses of unconsolidated affiliates(10,758)(5,260)(24,734)2,207 
Amortization of deferred financing costs3,919 3,070 5,609 4,247 
Gain on sale of property and equipment(1,077)(2,246)(10,931)(4,218)
Provision for credit losses249 1,566 24,169 2,910 
Deferred income tax provision (benefit)(2,502)(17,443)14,245 (19,226)
Non-cash stock-based compensation21,642 21,431 64,252 58,323 
Foreign currency gain(4,901)(1,505)(6,531)(4,942)
Payments for contingent consideration liabilities    (590)
Changes in operating assets and liabilities, net of non-cash transactions(247,695)(124,463)(372,187)290,715 
Net cash provided by operating activities17,876 114,859 332,437 839,887 
Cash Flows from Investing Activities:  
Capital expenditures(74,612)(50,780)(232,996)(167,037)
Proceeds from sale of property and equipment16,431 5,844 35,101 18,460 
Proceeds from insurance settlements related to property and equipment255 73 535 271 
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired(33,261)(187,655)(101,373)(212,092)
Proceeds from disposition of businesses 203  11,064 
Investments in unconsolidated affiliates and other(5,154)(778)(119,478)(9,538)
Cash received from investments in unconsolidated affiliates and other entities5 2,538 3,022 2,570 
Cash paid for intangible assets(200) (524) 
Net cash used in investing activities(96,536)(230,555)(415,713)(356,302)
Cash Flows from Financing Activities:  
Borrowings under credit facility1,240,766 478,762 3,124,845 2,453,941 
Payments under credit facility(1,142,350)(1,648,614)(2,857,190)(3,602,660)
Proceeds from notes offering1,487,450 990,130 1,487,450 990,130 
Payments of other long-term debt(916)(652)(2,530)(1,635)
Net repayments of short-term debt, net of borrowings13,619 (1,761)9,372 (6,180)
Deferred financing costs(5,056)(7,794)(5,056)(7,794)
Payments for contingent consideration liabilities  (263)(10,399)
Distributions to non-controlling interests(1,107)(744)(6,357)(4,669)
Payments related to tax withholding for stock-based compensation (2,638)(830)(63,131)(24,403)
Payment of dividends(8,414)(7,001)(25,627)(21,545)
Repurchase of common stock(17,764) (66,687)(200,000)
Net cash provided by (used in) financing activities1,563,590 (198,504)1,594,826 (435,214)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(549)449 738 986 
Net increase in cash, cash equivalents and restricted cash1,484,381 (313,751)1,512,288 49,357 
Cash, cash equivalents and restricted cash, beginning of period214,715 532,853 186,808 169,745 
Cash, cash equivalents and restricted cash, end of period$1,699,096 $219,102 $1,699,096 $219,102 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)

Accumulated
AdditionalOtherTotalNon-
Common StockPaid-InRetainedComprehensiveTreasuryStockholders’ControllingTotal
SharesAmountCapitalEarningsIncome (Loss)StockEquityInterestsEquity
Balance, December 31, 2020138,300,191 $2 $2,170,026 $3,264,967 $(232,997)$(857,817)$4,344,181 $4,791 $4,348,972 
Other comprehensive income— — — — 8,539 — 8,539 — 8,539 
Stock-based compensation activity1,368,739 — 13,702 — — (55,101)(41,399)— (41,399)
Common stock repurchases(222,081)— — — — (17,710)(17,710)— (17,710)
Dividends declared ($0.06 per share)
— — — (8,429)— — (8,429)— (8,429)
Distributions to non-controlling interests— — — — — — — (1,129)(1,129)
Net income— — — 89,761 — — 89,761 1,558 91,319 
Balance, March 31, 2021139,446,849 2 2,183,728 3,346,299 (224,458)(930,628)4,374,943 5,220 4,380,163 
Other comprehensive income— — — — 7,895 — 7,895 — 7,895 
Stock-based compensation activity64,600 — 25,177 — — (216)24,961 — 24,961 
Common stock repurchases(313,725)— — — — (29,450)(29,450)— (29,450)
Dividends declared ($0.06 per share)
— — — (8,650)— — (8,650)— (8,650)
Distributions to non-controlling interests— — — — — — — (4,121)(4,121)
Other— — — — — — — 25 25 
Net income— — — 117,033 — — 117,033 1,938 118,971 
Balance, June 30, 2021139,197,724 2 2,208,905 3,454,682 (216,563)(960,294)4,486,732 3,062 4,489,794 
Other comprehensive loss— — — — (26,423)— (26,423)— (26,423)
Acquisitions32,822 — 2,479 — — — 2,479 — 2,479 
Stock-based compensation activity66,100 — 20,935 — — (1,912)19,023 — 19,023 
Common stock repurchases(184,758)— — — — (16,828)(16,828)— (16,828)
Dividends declared ($0.06 per share)
— — — (8,638)— — (8,638)— (8,638)
Distributions to non-controlling interests— — — — — — — (1,107)(1,107)
Other— — — — — — — 134 134 
Net income— — — 174,365 — — 174,365 1,033 175,398 
Balance, September 30, 2021139,111,888 $2 $2,232,319 $3,620,409 $(242,986)$(979,034)$4,630,710 $3,122 $4,633,832 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)
Accumulated
ExchangeableAdditionalOtherTotalNon-
Common StockSharesPaid-InRetainedComprehensiveTreasuryStockholders’ControllingTotal
SharesAmountSharesAmountCapitalEarningsIncome (Loss)StockEquityInterestsEquity
Balance, December 31, 2019142,324,318 $2 36,183 $ $2,024,610 $2,854,271 $(241,818)$(586,773)$4,050,292 $3,539 $4,053,831 
Credit loss cumulative effect adjustment— — — — — (3,841)— — (3,841)(3,841)
Other comprehensive loss— — — — — — (82,968)— (82,968)— (82,968)
Acquisitions121,089 — — — 4,329 — — — 4,329 4,329 
Stock-based compensation activity1,124,530 — — — 11,444 — — (19,750)(8,306)— (8,306)
Exchange of exchangeable shares36,183 — (36,183)— — — — — — — — 
Common stock repurchases(5,960,134)— — — — — (200,000)(200,000)— (200,000)
Dividends declared ($0.05 per share)
— — — — — (7,184)— — (7,184)— (7,184)
Distributions to non-controlling interests— — — — — — — — — (1,963)(1,963)
Other— — — — — (516)— — (516)293 (223)
Net income— — — — — 38,686 — — 38,686 2,817 41,503 
Balance, March 31, 2020137,645,986 2   2,040,383 2,881,416 (324,786)(806,523)3,790,492 4,686 3,795,178 
Other comprehensive income— — — — — — 34,737 — 34,737 — 34,737 
Stock-based compensation activity65,826 — — — 22,717 — — (281)22,436 — 22,436 
Dividends declared ($0.05 per share)
— — — — — (7,182)— — (7,182)— (7,182)
Distributions to non-controlling interests— — — — — — — — — (1,962)(1,962)
Net income— — — — — 73,946