QUANTA SERVICES INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows from Operating Activities: | |||
| Net income | $927,283 | $750,689 | $511,643 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 359,363 | 324,786 | 290,647 |
| Amortization of intangible assets | 382,959 | 289,014 | 353,973 |
| Distributions, net of equity in earnings of unconsolidated affiliates | 2,247 | 24,209 | (19,238) |
| Loss from mark-to-market adjustment on investment | — | — | 91,500 |
| Deferred income tax (benefit) expense | (8,325) | 3,816 | 42,053 |
| Non-cash stock-based compensation | 150,526 | 126,762 | 105,600 |
| Other non-cash adjustments, net | 20,977 | (5,941) | (16,151) |
| Changes in assets and liabilities, net of non-cash transactions: | |||
| Accounts and notes receivable | (428,127) | (615,668) | (349,485) |
| Contract assets | 255,744 | (303,064) | (311,175) |
| Prepaid expenses and other current assets | 40,356 | (90,329) | (15,615) |
| Inventories | (39,517) | 2,818 | (19,333) |
| Accounts payable and accrued expenses and other non-current liabilities | 52,421 | 771,854 | 144,219 |
| Contract liabilities | 373,622 | 293,106 | 336,113 |
| Other assets and liabilities, net | (8,333) | 3,900 | (14,439) |
| Net cash provided by operating activities | 2,081,196 | 1,575,952 | 1,130,312 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (604,078) | (434,803) | (427,630) |
| Proceeds from sale of and insurance settlements related to property and equipment | 77,643 | 69,347 | 64,123 |
| Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired | (1,745,735) | (651,623) | (195,087) |
| Investments in unconsolidated affiliates and other | (81,871) | (7,537) | (78,084) |
| Proceeds from the sale or settlement of certain investments | 29,239 | 42,277 | 20,639 |
| Other, net | 30,483 | (7,311) | (1,152) |
| Net cash used in investing activities | (2,294,319) | (989,650) | (617,191) |
| Cash Flows from Financing Activities: | |||
| Borrowings under credit facility and commercial paper program | 19,884,184 | 18,178,910 | 9,300,142 |
| Payments under credit facility and commercial paper program | (20,714,993) | (17,770,246) | (9,323,507) |
| Net proceeds from notes offering | 1,238,741 | — | — |
| Payments related to senior notes | (500,000) | — | — |
| Payments related to tax withholding for stock-based compensation | (155,550) | (119,793) | (82,590) |
| Payments of dividends | (54,196) | (47,752) | (41,058) |
| Repurchase of common stock | — | (350) | (127,762) |
| Other, net | (3,822) | 27,731 | (36,296) |
| Net cash (used in) provided by financing activities | (305,636) | 268,500 | (311,071) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (30,272) | 7,025 | (723) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (549,031) | 861,827 | 201,327 |
| Cash, cash equivalents and restricted cash, beginning of year | 1,295,041 | 433,214 | 231,887 |
| Cash, cash equivalents and restricted cash, end of year | $746,010 | $1,295,041 | $433,214 |
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