QUANTA SERVICES INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
PWR$583.14-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities: | |||
| Net income | $750,689 | $511,643 | $491,983 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 324,786 | 290,647 | 255,529 |
| Amortization of intangible assets | 289,014 | 353,973 | 165,366 |
| Equity in earnings of unconsolidated affiliates, net of distributions | 24,209 | (19,238) | (28,682) |
| Loss from mark-to-market adjustment on investment | — | 91,500 | — |
| Gains on sales of investments | (3,524) | (32,572) | — |
| Increase in provision for credit losses | 5,927 | 350 | 34,890 |
| Deferred income tax expense | 3,816 | 42,053 | 26,071 |
| Non-cash stock-based compensation | 126,762 | 105,600 | 88,259 |
| Other non-cash adjustments, net | (8,344) | 16,071 | 6,656 |
| Changes in assets and liabilities, net of non-cash transactions: | |||
| Accounts and notes receivable | (615,668) | (349,485) | (248,452) |
| Contract assets | (303,064) | (311,175) | (331,946) |
| Prepaid expenses and other current assets | (90,329) | (15,615) | (6,503) |
| Accounts payable and accrued expenses and other non-current liabilities | 771,854 | 144,219 | 95,829 |
| Contract liabilities | 293,106 | 336,113 | 47,163 |
| Other assets and liabilities, net | 6,718 | (33,772) | (13,773) |
| Net cash provided by operating activities | 1,575,952 | 1,130,312 | 582,390 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (434,803) | (427,630) | (385,852) |
| Proceeds from sale of and insurance settlements related to property and equipment | 69,347 | 64,123 | 49,721 |
| Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired | (651,623) | (195,087) | (2,451,703) |
| Investments in unconsolidated affiliates and other | (7,537) | (78,084) | (139,021) |
| Proceeds from the sale or settlement of certain investments | 42,277 | 20,639 | 29,109 |
| Other, net | (7,311) | (1,152) | (867) |
| Net cash used in investing activities | (989,650) | (617,191) | (2,898,613) |
| Cash Flows from Financing Activities: | |||
| Borrowings under credit facility and commercial paper program | 18,178,910 | 9,300,142 | 5,316,002 |
| Payments under credit facility and commercial paper program | (17,770,246) | (9,323,507) | (4,265,478) |
| Proceeds from notes offerings | — | — | 1,487,450 |
| Payments related to tax withholding for stock-based compensation | (119,793) | (82,590) | (64,956) |
| Payments of dividends | (47,752) | (41,058) | (34,022) |
| Repurchase of common stock | (350) | (127,762) | (66,687) |
| Other, net | 27,731 | (36,296) | (11,432) |
| Net cash provided by (used in) financing activities | 268,500 | (311,071) | 2,360,877 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 7,025 | (723) | 425 |
| Net increase in cash, cash equivalents and restricted cash | 861,827 | 201,327 | 45,079 |
| Cash, cash equivalents and restricted cash, beginning of year | 433,214 | 231,887 | 186,808 |
| Cash, cash equivalents and restricted cash, end of year | $1,295,041 | $433,214 | $231,887 |
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