Quanta Services Q4 2021 Earnings Call Transcript

Quartr
Provided by Quartr
February 24, 2022

There are 11 speakers on the call.

Operator

Greetings and welcome to the Quanta Services 4th Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kip Rupp, Vice President, Investor Relations.

Operator

Thank you. Please go ahead.

Speaker 1

Thank you, and welcome, everyone, to the Quanta Services 4th quarter and full year 2021 earnings conference call. This morning, we issued a press release announcing our Q4 and full year 2021 results, which can be found in the Investor Relations section of our website atquantaservices.com, along with a summary of our 2022 outlook and commentary that we will discuss this morning. Additionally, we will use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of Aquana Services website. Please remember that information reported on this call speaks only as of today, February 24, 2022, and therefore, you are advised that any time sensitive information may no longer be accurate as of any replay of this call. This call will include forward looking statements intended to qualify under the Safe Harbor from liability established by the Private Securities Reform Act of 1995.

Speaker 1

These include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance that do not solely relate to historical or current facts. Forward looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quantum's control, and actual results may differ materially from those expressed or implied. For additional information concerning some of these risks, uncertainties and assumptions, please refer to the cautionary language included in today's press release Along with the company's periodic reports and other documents filed with the Securities and Exchange Commission, which are available on Quanta's or the SEC's website. You should not place undue reliance on forward looking statements. Enquon does not undertake any obligation to update such statements and disclaims any written or oral statements historical and forecasted non GAAP financial measures in today's call, including adjusted diluted EPS, backlog, EBITDA and free cash flow.

Speaker 1

Reconciliations of these measures to their most directly comparable GAAP financial measures are included in our earnings release. Lastly, if you would like to be notified when Quanta publishes news releases and other information, please sign up for e mail alerts through the Investor Relations section of quanta services.com. We also encourage investors and others interested in our company to follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I'd like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO.

Speaker 1

Duke? Thanks,

Speaker 2

Kit. Good morning, everyone, and welcome to Quanta Services' 4th quarter and full year 2021 earnings conference call. On the call today, I will provide operational and strategic commentary and will then turn it over to Derek Jensen, Quanta's Chief Financial Officer, who will provide a review of our 4th quarter results and full year 2022 financial expectations. Following Derek's comments, we welcome your questions. This morning, we reported strong 4th quarter results, which complete another year of solid, Safe execution, profitable growth.

Speaker 2

These results were built off a strong operational and financial platform and we believe demonstrates the dedication of the best employees in the industry. Our portfolio of companies, diversity of service lines and field leadership has allowed us to endure the uncertainties and challenges presented by the global pandemic over the past couple of years, while still delivering 4 consecutive years of record adjusted EBITDA and 5 consecutive years of record adjusted earnings per share. We accomplished a great deal in 2021 through the successful implementation of our strategic initiatives and our past success positions us well for the future. We remain focused on continuing to provide collaborative solutions to our customers and business partners to help them achieve their goals and to capitalize on opportunities to enable the energy transition that is unfolding. Here are some of our accomplishments in 2021.

Speaker 2

We continue to advance our front end solutions strategy, both organically and through acquisitions, which is focused on strengthening our design, engineering, permitting, environmental and program management capabilities. This strategy allows us to expand our solutions to our customers, enhances risk management and increases our total addressable market. We expanded our emergency response capabilities and generated another year of record revenues by supporting our customers. Efforts to restore power to millions of people Adversely impacted by several severe weather events during the year. Our ability to quickly mobilize significant resources to support our customers in times of need Is unmatched in our industry.

Speaker 2

Luma Energy, our joint venture with ACCO, successfully transitioned to managing Puerto Rico's more than 18,000 mile Electric Transmission and Distribution System. Though many years of challenges and work remain, Luma has made significant progress in improving customer service, Response times, customer communication and system reliability. We continue to believe this opportunity It's transformative for Quanta and the people of Puerto Rico and remain committed to supporting Luma's mission to provide reliable electricity while building a modern and sustainable transmission and distribution system. In support of our commitment to the people of Puerto Rico, we, Along with ATCO, funded and commenced the Luma College for technical training in Puerto Rico and the 1st class of electric utility line workers graduated in October. Since opening the college, which is supported by Northwest Lima College, hundreds of workers from Luma have We are proud of our commitment to the advancement of Crafts' Guild Workforce in Puerto Rico.

Speaker 2

We grew our communication services revenue by approximately 25% and ended the year with record communications total backlog of approximately $1,300,000,000 We also developed and rolled out wireless infrastructure solutions to Strengthen our opportunities to capitalize on 5 gs network deployment and the ongoing enhancement of 4 gs wireless networks. We expect to profitably grow the business and are booking incremental wireless revenue. We completed the acquisition of Blattner, a premier utility scale renewable energy infrastructure solutions provider in North America with With decades of experience and strong safety culture, this is Quanta's largest acquisition to date and we believe it positions Quanta to be a leader in the energy transition and transforms our ability to collaborate early with our customers on their energy transition strategies. The integration of Glatner is going well And we have increasing confidence in our ability to create meaningful growth and cost synergies together over time. We made meaningful progress in our initiative to apply certain skill sets and expertise from operations within the underground utility and infrastructure solutions segment to perform certain aspects of electric power and telecom related work.

Speaker 2

We believe the resource expansion and operating leverage we gained through this initiative It's a significant opportunity for Quantum to reinforce our self perform capabilities, improve operating efficiency and profitability and demonstrates the strength $350,000,000 in strategic acquisitions of 9 high quality companies, which Primarily support our electric power and front end service solutions. We believe the acquired companies are additive to our base business, Advance our strategic initiatives and enhance our self perform capabilities, which typically accounts for approximately 80% of our work and are key to providing cost certainty To our customers, we maintained our investment grade credit rating while issuing $1,500,000,000 of senior notes and expanded our credit facility to fund the Glatner acquisition, which we believe points to the merits of the transaction, our strong financial profile, The resiliency and sustainability of our business model and positive multiyear outlook. We demonstrated our commitment to stockholder value And our confidence in Quanta's financial strength and continued growth opportunities through the repurchase of approximately $64,000,000 of common stock and a 20% increase of our dividend. And finally, we continue to increase our efforts And dedicate resources toward implementing sustainable business practices throughout the organization and to improve the data we capture to manage our operations' sustainability and better communicate our ESG impact and initiatives to our stakeholders.

Speaker 2

It is easy to take for granted the reliability of the power grid. Access to abundant resource of affordable energy and Internet connectivity for commerce and entertainment. The impact of a hurricane, Winter storm, wildfire, other events that shuts off power affects our ability to heat or cool our homes and disrupts our quality of life, Quickly changes this perspective and highlights how critical the infrastructure that we design, build and maintain is to our everyday well-being. The solutions Quanta provides support our customers' efforts to increase reliability, safety, efficiency and connectivity, all of which have a favorable environmental and social impact. Additionally, our services are at the forefront of providing the infrastructure solutions necessary to enable the energy transition and the adoption of new technology.

Speaker 2

As a result, we believe our business is levered to favorable and sustainable Demand for grid modernization, system hardening, electric vehicle charging, Infrastructure and Renewable Energy Interconnection Services is robust and we believe will remain so for the foreseeable future. This activity drove our electric power results and backlog strength during 2021, primarily through significant multiyear master service agreements with utilities. Further, we believe we are in the early stages of utilities underground in transmission and distribution lines to protect them from the effects For example, several utilities in the Western United States We are planning to invest tens of 1,000,000,000 of dollars in the aggregate to underground thousands of miles of electric power lines in high fire threat areas. Electric utilities in other areas of the country are pursuing initiatives to underground critical infrastructure. Examples include electric transmission projects in the Northeast, Distribution circuits along the coastlines and electric transmission line projects for offshore wind generation.

Speaker 2

Many of these initiatives are part of We also believe North America is at an inflection point For significant investment in electric vehicle related infrastructure, including charging infrastructure and the electric distribution system upgrades necessary to support the anticipated increase in the adoption of electric cars, trucks and commercial fleet vehicles in the coming years. Quanta continues its work with multiple leading electrical vehicle charging companies and utilities to build out infrastructure necessary to make fast, Affordable charging possible in numerous states across the country. Quanta is presently working on the rollout of hundreds of charging In many of these locations, Quanta is serving as the program manager, providing a full suite of engineering, development and construction services. With our scope and scale and certain key program management capabilities, we are pursuing additional EV charging program management opportunities with other charging infrastructure companies, automakers and utilities. Our communications operations, Which are within the Electric Power segment grew revenues and backlog nicely in 2021, but our profitability levels did not achieve our goals.

Speaker 2

We are working constructively with our customers on certain items that have impacted profitability and believe these issues are approaching resolution. With With the exception of these issues, the remainder of the communications operations are operating close to our target margin profile for the year. The demand for communication services remains high and we expect double digit revenue growth and a return to up single digit operating income margins for our communications operations in 2022. With the addition of Blattner to our portfolio, we have begun reporting through 3 segments by adding a new Renewable Energy Infrastructure Solutions segment. This platform consists of services And solutions for infrastructure supporting the delivery of renewable energy, including renewable generation, electric transmission, substations and battery storage.

Speaker 2

The Plattner's operations representing the majority of those solutions. We are strategically positioned to collaborate with our customers to lead North America's energy transition and capitalize on the growing and significant amount of Expenditure expected to be invested in renewable generation and related infrastructure as part of these efforts. Renewable developers and utilities are leading the effort to reduce carbon emissions, many with carbon neutral commitments Through aggressive efforts to expand our renewable generation portfolios and implement new technologies for current and future needs. Achieving their goals will also require substantial incremental investment in transmission and substation infrastructure to the power grid and to ensure grid reliability due to the significant increase of intermittent power added to the system. For example, we highlighted in our earnings release this morning our recent selection to build more than 400 miles of high voltage electric transmission across several for our customer in the Western United States.

Speaker 2

This project is designed to improve operational flexibility In conjunction with future generation resources, including renewable energy, meet the load growth and provide increased reliability. Also of note, this is the largest electric transmission line contract ever awarded to Quanta in the United States. Over the near and longer term, we believe substantial load growth, public policy and the overall positive sentiment supporting a greener environment will continue to drive North America's Power generation mix increasingly towards renewables. Bottner's utility scale renewable generation solutions, Coupled with Quanta's existing holistic grid solutions creates a unique value proposition and opportunity to collaborate with our customers To shape their energy transition initiatives, we are increasingly confident in the gross synergy opportunities we have with the addition of Blattner And to that end, believe we have only scratched the surface on what is possible. Our Underground Utility and Infrastructure Solutions segment faced challenges last year, primarily due to circumstances outside of our control, Such as impact from the global pandemic, work disruptions along the Gulf Coast due to hurricane and impact on results from the customer bankruptcy.

Speaker 2

Despite these challenges, our operations persevered and our gas utility and pipeline integrity operations performed well. We believe the recovery of certain of our markets and operations has begun. In particular, we expect our Industrial Services, Canadian and the Australian operations to meaningfully improve this year, both in revenue and margins. We expect to continue our focus on growing our gas utility, pipeline integrity and industrial services businesses, consistent with our strategy over the last 5 years. Due to the favorable long term trends driven by safety, reliability and environmental regulations.

Speaker 2

Looking to the coming years, we believe Quanta has meaningful opportunities with customers in this segment as they increasingly pursue strategies to reduce their carbon footprint And transition their operations and assets towards greener business opportunities. For example, gas utilities are implementing system modernization To reduce methane emissions and deposition them to blend hydrogen into their natural gas flow and certain refiners, Utilities and developers are building renewable natural gas and biofuel processing facilities. We are also actively pursuing Sizable Carbon Sequestration Projects. In our earnings release this morning, we provided our 2022 guidance, which we believe demonstrates the strength and sustainability of our business and long term strategy, favorable end market trends, Our ability to safely execute and our strong and strengthening competitive position in the marketplace. Further, our ongoing investment Earn and commitment to workforce training continues to positively impact our performance and positions us well to capitalize on future opportunities.

Speaker 2

Our expectations call for another year of meaningful growth, record revenues, adjusted EBITDA and earnings per share and improved profit margins. Additionally, we see opportunity to achieve new record levels of backlog in 2022. Derek will provide additional detail about our guidance in his commentary. In summary, The strong performance of our electric power and renewable energy infrastructure solutions operations and the contribution of acquisitions during the year yielded record results in 2021 and has given us a leading platform to collaborate with our customers to shape the energy transition. We believe our strategic position in the marketplace remains strong, which has been further enhanced by the acquisition of Blattner and that we are all well positioned for continued profitable growth over the near and longer term.

Speaker 2

We continue to make meaningful progress on growing our portfolio Within each of our units to further leverage our operating results. The recent promotion of Reggie Foulkes to Chief Operating is intended to support and promote this strategy and we look forward to continuing to work with him on his important initiative. Considering our organic growth opportunities and the levers available to us to allocate future cash flow generation into value creating opportunities, Such as stock repurchases, acquisitions, strategic investments and dividends, we believe Quanta will continue to generate meaningful value for our stakeholders Going forward, we are focused on operating the business for the long term and expect to continue to distinguish ourselves through safe execution and best in class We will pursue opportunities to enhance Quanta's base business and leadership position in the industry and provide innovative solutions to our customers. We believe Quanta's diversity, unique operating model and entrepreneurial mindset form the foundation that will allow us to continue to generate long term value for our stakeholders. I will now turn the call over to Derek Jensen, our CFO, for his review of our Q4 and full year results and 2022 expectations.

Speaker 2

Derek?

Speaker 1

Thanks, Duke, and good morning, everyone. Today, we announced record quarterly revenues of $3,900,000,000 for the Q4 of 2021. Net income attributable to common stock was $104,800,000 or $0.71 per diluted share and adjusted diluted earnings per share, a non GAAP measure, was a record $1.54 Overall, the 4th quarter closed out another exceptional year of operational performance for Quadrant. Our 4th quarter results include the introduction of our Renewable Energy Infrastructure Solutions segment, largely due to the inclusion of Blattner in our operating results beginning in October. At a high level, this segment primarily represents the solutions we're providing associated with the interconnections, substation and generation Directly supporting the delivery of renewable electricity.

Speaker 1

Historically, these activities were included within our electric segment. However, As the same market forces driving Blatner's growth will drive growth in these related areas, we concluded the aggregation of these services Provided incremental clarity to the investment community. Our reported results exceeded our expectations for the 4th quarter in numerous areas, including revenues, adjusted EBITDA, EPS and adjusted EPS, with revenues and adjusted EBITDA delivering significant growth as compared to last year. I'll color a few items impacting the quarter. Revenues continued to show significant growth compared to last year, in part due to record emergency storm response although only slightly above last year's ERS revenues.

Speaker 1

Additionally, revenues from acquired businesses were approximately $500,000,000 in Q21, majority of which was attributable to Black. Operating margins in the quarter benefited from continued strong across our electric operations with margins exceeding 12%. Also contributing were the operating results of our integral unconsolidated affiliates. This primarily relates to the Luma joint venture, but also includes contributions from a business that provides specialty site preparation and access solutions in which we acquired a 44% interest during the quarter, as we commented on in our Q3 earnings release, and they performed quite well during the quarter. Partially offsetting those dynamics were our communications operations, which had negative margins during the quarter due to the challenges experienced in certain regions.

Speaker 1

Specifically, one customer reduced the previously expected scope of work in certain markets, while the requirements to evidence the completion of the work have been subject to multiple changes. Due to the elimination of future scope and associated construction activities, we were required to recognize in the quarter The preparation and submission of the modified closeout packages. For 2 other contracts with another customer, we recognized losses due to ongoing permitting delays, which were substantially hindering production as well as increased cost to meet schedule commitments. These two projects are near completion. Importantly, our remaining aggregate communications operations are operating in the upper single digit range, giving us the confidence that our longer term margin profiles are achievable.

Speaker 1

Our previous guidance included expected contributions from transactions made in 3Q 'twenty one and 4Q 'twenty one Through the date of our November earnings release of between $40,000,000 $60,000,000 of adjusted EBITDA, a non GAAP measure, Ultimately, our 4th quarter results included contributions towards the higher end of this range. We recognized an incremental $8,100,000 provision for credit loss or $0.04 per diluted share related to outstanding receivables Ode by LimeTree Refining that declared bankruptcy in July 2021 as we do not anticipate the receipt of any funds through the bankruptcy proceeding. We no longer have any exposure related to receivables owed from this customer. Operating margin in 4Q 2021 was negatively impacted by 140 $1,000,000 associated with amortization, deal costs and fair market value adjustments to earn out liabilities, a combined 370 basis point impact compared to $28,000,000 of comparable costs and approximately 100 basis point impact in 4Q 'twenty. Also of note, the tax expense and effective rate for the Q4 and full year of 2021 were significantly lower than our previous guidance.

Speaker 1

This reduction was largely driven by the favorable IRS clarification on per diem deductions for 2021 and the reversal of certain reserves Our total backlog was $19,300,000,000 at the end of the 4th quarter, Another record level. Dollars 1,600,000,000 of the backlog is attributable to 4th quarter acquisitions, the majority of which was from Blatt But excluding those contributions, total backlog was still up over $600,000,000 compared to 3Q 'twenty one. 12 month backlog of $11,300,000,000

Speaker 2

includes close

Speaker 1

to $1,500,000,000 of acquired backlog, but excluding those contributions, still represents record 12 month backlog on an organic basis. We believe these increases continue to reinforce the repeatable and sustainable nature The largest portion of our revenues and earnings and the demand for our industry leading infrastructure solutions. For the Q4 of 2021, we generated free cash flow, a non GAAP measure, of $111,000,000 resulting in $246,000,000 of free cash Our previous expectations of $350,000,000 to $500,000,000 of free cash flow for the year excluded significant change of control related disbursements Associated with acquired liabilities during the quarter associated with the Blattner transaction, which aggregated to $72,000,000 and are required to be treated as operating cash outflow items in our GAAP calculation. We also took the opportunity in the Q4 of 2021 challenges in equipment and vehicle markets, we thought it was the right long term action to take to support the ongoing needs of our operations. Days sales outstanding or DSO measured 80 days for the Q4, which is a reduction of 9 days compared to the Q3 of 2021 in 3 days compared to the Q4 of 2020.

Speaker 1

The decreases were primarily due to the favorable impact of the acquisition of Blattner, which typically has lower DSO within certain of our other larger operating companies. This positive impact was partially offset by Continued elevated working capital requirements associated with 2 larger Canadian transmission projects, driving an increase in contract assets, which we've discussed in prior quarters. Both projects have been impacted by work stoppage protocols in Canada associated with COVID mitigation as well as delays attributable to, among other things, Wildfires Impacting Access to Worksites. Discussions with both customers regarding change orders associated with these increased costs are ongoing, with multiple change orders already approved. The remaining amounts are being pursued in the normal course.

Speaker 1

We had total liquidity of $2,100,000,000 at year end and a debt to EBITDA ratio of 2.3 as calculated under our credit agreement. While our leverage profile remains above our target range due to the acquisition financing, as we stated in prior calls, we We expect to efficiently delever over the following quarters, while continuing to create shareholder value through our dividend and repurchase programs as well as strategic acquisitions. To that end, during the Q4, in addition to the 3 transactions we announced during our last earnings release, we acquired 4 additional businesses For total combined consideration of approximately $230,000,000 These 4 acquisitions all closed late in December and other than incremental deal costs were immaterial to our 4Q results. Turning to guidance. 1st, Forecasting and providing specific commentary on the classification of uncommitted revenues between electric power versus renewables can be challenging.

Speaker 1

Accordingly, it is possible that as we progress through the year and gain more visibility into the nature of the work we'll be performing, there could be movements outside these initial Segment ranges simply due to the type of infrastructure our activities will be supporting. As Duke commented, we deliver our portfolio of services And we are comfortable with our aggregate expectations. Additionally, by following seasonality commentary, addresses our expectations for 2022 as compared to our Quarterly results for 2021, which align prior reported numbers to our new segmentation, and these 2021 recasted As it relates to the Electric Power segment specifically, We see 2022 revenues ranging between $8,200,000,000 $8,300,000,000 Our base business continues to lead the growth in the segment, driven primarily by North American utilities outsourcing activities required to replace, rebuild and upgrade existing infrastructure. Notably, these growth expectations are tempered by reduced storm revenues, dollars 250,000,000 of which are included in our current expectations compared to over $450,000,000 in 2021. Additionally, revenue contributions from larger electric Projects are forecasted to be around $200,000,000 lower in 2022 as we expect to reach substantial completion on one of our larger Canadian projects in the Q1.

Speaker 1

Included within the segment are our communications operations, which we expect to grow double digits over 2021 levels to around $750,000,000 of revenue in 2022. While we expect 2022 operating margins for the Electric Power segment to range between 10 point 7% and 11.3%, which includes contributions of between $45,000,000 $50,000,000 of earnings from our integral unconsolidated affiliates, the largest portion of which relates to the Luma joint venture in Puerto Rico. 2021 represented another exceptional year for our electric operations, And our margin profile was again above our historical norms and our original expectations due in part to the record emergency restoration service revenues. Our 2022 expectations for margins for the segment remain elevated, but are more consistent with historical averages and are tempered by normalized storm revenues as well as our communications operations, which are expected to operate in the upper single digits in 2022. As is typically the case, we expect that 1st quarter operating margins will be the lowest for the year, likely around 10%, with margins increasing into the second and third quarters And then slightly declining in the 4th quarter.

Speaker 1

The Renewable Energy Infrastructure Solutions segment full year revenues are expected to range between $3,800,000,000 and $4,000,000,000 with the largest portion of the growth due to the acquisition of Blattner. As it relates to Blattner, we remain confident in the initial range of expectations for 2022 included in the September deal announcement. From a revenue seasonality perspective in 2022, we expect segment revenues to be $900,000,000 $950,000,000 in the Q1, then growing sequentially into the 3rd quarter with a slight decline in the 4th quarter. We expect 2022 operating margins for the Renewable Energy segment to be around 9% for the year, translating into double digit EBITDA margins, which is what we would expect from the segment. Due to the slightly higher project oriented nature of this segment, margins will be more variable on a quarterly basis.

Speaker 1

As it stands today, similar to our other segments, we expect margins for the Q1 to be the lowest for the year, likely around 8%. Margins, therefore, had the opportunity to strengthen in subsequent quarters as volumes increased and we successfully execute through individual project contingencies throughout the year. The Underground Utility and Infrastructure Solutions segment has been heavily impacted by the uncertainties in the energy markets and economy caused by COVID-nineteen. However, we expect far fewer headwinds in 2022. We are currently anticipating double digit revenue growth off of 2021 With full year revenue is expected to range between $4,000,000,000 $4,200,000,000 This growth is expected to be led by our industrial, Canadian and Australian operations, each of which has dealt with significant challenges associated with COVID related impacts for the last 2 years.

Speaker 1

Additionally, our gas utility business continues Nice year over year growth opportunities. Operating margins are expected to improve meaningfully in 2022. We see segment margins ranging between 6.5% and 7.5%, led primarily by recovery from our industrial and Canadian operations. Consistent with years past, our Q1 traditionally has lower activity in the segment due to weather seasonality, which impacts our revenues and pressures margins So slightly below mid single digits. However, we expect solid improvement into the second and third quarters with a seasonal decline in the 4th quarter.

Speaker 1

The number and size of acquisitions in 2021 will significantly change the magnitude of amortization, acquisition and integration costs And certain other corporate and unallocated costs as well as the quarter to quarter timing of these items. We've included some additional information on these as well as Further segment seasonality comments and other guidance items in the outlook summary that was posted in connection with the earnings release and can be found on our IR website atquantaservices.com. One incremental item for 2022. Early last year, Quanta made a $90,000,000 The company has entered into an agreement with a special purpose acquisition And pursuant to the transaction, is expected to emerge as a publicly traded company in the first half of the year. Once effective, our current interest would become common equity and would be subject to mark to market accounting with changes in value recorded in other income.

Speaker 1

We expect to adjust for these changes in value when reporting adjusted EBITDA and adjusted EPS, but have not forecasted any valuation movements currently. These segment operating ranges support our expectation for 2022 annual consolidated revenues of $16,000,000,000 to 16,500,000,000 And adjusted EBITDA of between $1,590,000,000 $1,700,000,000 This represents another record level of adjusted EBITDA and full year adjusted EBITDA margins over 10%. With these operating results, we estimate our range of GAAP diluted earnings per share attributable to common stock The contract assets I spoke of earlier associated with the Canadian transmission project impacted our operating cash flows in 2021, but are expected to represent inflows of cash in 2022 as components reach resolution. These positive effects will be partially offset by the payment of approximately $46,000,000 of change in control related payments associated with the Blattner acquisition and the payment of $54,000,000 of And $850,000,000 with capital expenditures of around $400,000,000 As we caution every year, Quarterly free cash flow is subject to sizable movements due to various customer and project dynamics that occur in the normal course of operations. Reflecting on our 2021 performance, we delivered another exceptional year led by solid execution in the field and highlighted by the transformational acquisition of Blotner During the Q4, we ended the year with approximately $1,300,000,000 of adjusted EBITDA, a record for Quanta, which represents a nearly 16.8 percent CAGR since 2016.

Speaker 1

More importantly, our record adjusted EPS of $4.92 represents a 26.6 percent CAGR since 2016. Looking forward, we continue to see the opportunity to deliver adjusted EPS growth That outpaces our adjusted EBITDA growth, led by margin expansion and operating leverage in the field, coupled with strategic capital deployments focused on delivering long term return Over the last 5 years, we have deployed approximately $3,900,000,000 in cash for M and A And strategic investments, dollars 827,000,000 for stock repurchases and $86,000,000 on dividends. Against this backdrop, our financial strategy and consistent performance have been acknowledged by our rating agencies, which reiterated our investment grade ratings subsequent $473,000,000 of availability remaining on our current stock repurchase program. Though we are focused on delevering in the near term, we remain committed to delivering shareholder value through strategic acquisitions and opportunistic repurchase activity. Overall, We continue to believe we are in the early stages of a significant infrastructure investment cycle and that we are uniquely positioned in the markets we serve to deliver comprehensive End to end solutions to support North America's transition to carbon neutral energy infrastructure.

Speaker 1

This concludes our formal presentation, And we'll now open the line for Q and A. Operator?

Operator

Thank you. The floor is now In the interest of time, we do ask that you please limit yourself to one question and then re queue for any additional questions. Our first question is coming from Michael Dudas of Vertical Research. Please go ahead.

Speaker 1

Good morning, Kipp, Derek, Duke.

Speaker 2

Good morning, Mike. Good morning.

Speaker 1

Duke, in your prepared remarks, I was quite intrigued about you talked about expanding service offerings at several operating units. I assume you've made quite a few acquisitions to expand that especially on your front end work and the advisory stuff. We'll keep them share a little bit more what's going on and how that's going to benefit, I would Strategically because of what you can add to your clients, but I would also think maybe a mix or margin or financial aspect. So I

Speaker 2

Thanks, Mike. We've talked about it quite a bit about the company being portfolio and truly believe we operate in that manner. As we think about the regionality and how we sit, What we've done is in our underground segments, our EU Live segments, you continue to see us look at underground electric, look at Underground Telecom, it doesn't matter to us what medium or what service we're providing. The equipment is very similar. The people are very similar.

Speaker 2

So We believe we can expand those offerings as well as on the front end services across the board really at a regional level. And so the segmentation It may look one way, but how we're operating in the field to get the leverage at the unit, which will ultimately Produce the margin that you're seeing and enhance the margins that you're seeing. We'll allow that leverage at that level. So It's just from our standpoint, that's the way that we will continue to operate the company and offer various service lines to the customer. And Really what's driving that is the customer demand on the local level for expanded services that we can offer.

Speaker 2

So Really, it's us trying to make sure that we're leveraging that at the very fill level, which will ultimately increase margins. Thanks, Stu.

Operator

Thank you. Our next question is coming from Justin Hauke of Baird. Please go ahead.

Speaker 3

Great. Hi. I guess I have two questions. I'll start with kind of maybe the bigger one and then I've got just a quick Technical one, but just maybe just a little more details on the Las Vegas project, EPC. I'm just wondering, Are you do you have partners on this project or is that all of you?

Speaker 3

And just any comments on kind of the risk terms or how it would be different? And then you talked about it being the largest U. S. Contract you've ever had. I think the Canadian ones you had were just over $1,000,000,000 of revenue.

Speaker 3

So would That'd be a good benchmark to kind of think about maybe the size of this project?

Speaker 2

Yes. So the project we discussed to the West, It's not Las Vegas, but in general, what I would say is we're performing that holistically internally, probably still performing 9% of it. I'm real proud of the project, nice 400 mile project. So in our mind, an example of us Stacking on to our existing base business there in the West and we don't have partners and it's not necessary for us to have partners Given the size of the company. So again, we're trying to really work on this synergy transition and work on it in a holistic fashion.

Speaker 2

This is something where Several operating units come together and we're able to perform the whole project for the client and give them the best service offering in our mind. So real proud of the project to the West. And Again, it's just an example of where the company is going and way up, I believe it's in the renewable segment as we discussed. And I do think you'll see more of this moving renewables to the West. And so those type of projects will definitely stack on to Our existing base business, we're proud of it.

Speaker 2

As far as the size of it, we talked about it being the largest And the business in North America and the Lower forty eight, so ultimately a large project for us. We're not going to get into the size of

Speaker 1

Yes. We'll only frame it by saying that had it been awarded prior to year end, our total backlog would have exceeded 20,000,000,000

Speaker 3

Okay. That's helpful. I guess, Derek, maybe the other question. So on the equity income this It jumped to $22,000,000 You guys called out the minority investment that you did. It sounds like maybe that's part of it.

Speaker 3

I'm just curious, That was associated with Luma being at full transition that we should think is kind of a run rate for that because it looks like the implied guidance for 'twenty two Would have it run at a much lower rate than what it was in the quarter?

Speaker 1

Yes. I mean, actually, the majority of the difference was The joint venture type dynamic, they had a very nice 4th quarter. There is a little bit of an uptick in the 4th quarter associated with Luma, which just has to do with The timing of kind of the internal administrative costs rather than anything associated with the fixed fee itself. On the go forward basis, I would tell you that it's That range that I provided 45 to 50 is a little bit of the increment associated with the joint venture contribution and fairly close Our original expectations for the remaining of them.

Speaker 3

Great. Thank you very much guys. Appreciate it. Yes, thanks.

Operator

Thank you. Our next question is coming from Sean Eastman of KeyBanc Capital Markets. Please go ahead.

Speaker 4

Hi, team. Thanks for taking my questions. I just wanted to hone in on the new Renewables segment. It sounded like the underlying outlook for Blattner Embedded in there is consistent with what you guys communicated before, but it'd be helpful just since we only really had Historicals on an EBITDA level for Blattner, it would be great to just kind of walk through the Sort of normative or targeted margin profile we should be thinking about for this new segment since it includes some other stuff as well?

Speaker 2

Yes, Sean, it's Duke. In general, I would think in our mind, it's double digit EBITDA, even Some uplift in margins if we can operate through some contingencies on the way through it. So we're proud of the segment. We think It highlights where the company is at. Certainly, Bladner is the big piece of that segment.

Speaker 2

We've stated the guidance there Before around 2.6%. So that's where we stand on that. And I do think you'll see those type of margins that are previously stated with Blattner And that segment. So we had a nice business before. We talked about a lot how we're enabling the infrastructure with substations and interconnections and Long transmission lines, I do think that segment will continue to build.

Speaker 2

You'll continue to see a nice work, nice backlog. It is lumpier than What you would consider our base business, but it's just timing, days timing, not years timing in my mind. So I do think it It's fairly predictable at this point. We've given good guidance on Blattner out to 25. So I do think we're able to Not only show the power of what we can do in that sector, but also give you some visibility and I'll let Derek comment.

Speaker 1

Yes. I think Steve said it fine. The only thing I'd add additional color is you can think all the way back to when we did the original deal announcement For the largest portion of a decade, Blattner has been able to operate at a double digit EBITDA. They had some very good performance within the last few years kind of pressing that number up a little bit, but we look to kind of those historical dynamics to think about our multi year expectations. So consistent with 'twenty two and on the outer years, we think the continued operating is double digit EBITDA.

Speaker 1

Aggregate for the segment, we think we've tried to be prudent How to think about that in 'twenty two when you think about it at the operating level of that 9%. I think Between the Blattner execution as well as our own, as we execute through contingencies, Clara, that gives us the ability to see a margin expansion. Dupe made reference to it within our prepared remarks. We do believe that there's a bit more variability that you'll see within this segment. There's a smaller number of overall projects as

Speaker 4

Okay, that's helpful. And the underground segment, looks like no changes to So segment reporting there that the revenue and margins came in a little better than I was expecting in terms of the outlook. So Just a bit of a flavor on what type of operating environment and kind of underlying assumptions for the bigger buckets in there, Namely, Industrial and the LDC business would be helpful as we think about what bridges us to this 2022 outlook for that segment.

Speaker 2

Yes, John. I think you've seen the rebound in some oil pricing and things of that nature. So the industrial business seems Really on the uplift we thought it would be anyway. So I think it will stack on to the current demand that we're seeing on the industrial side. So we're confident in That business in 2022 as it stands, that's certainly something that we were watching very closely.

Speaker 2

We feel good about it. Our Canadian business is also rebounding. We like where we stand there. So all in all, I would say incrementally we're more positive on the underground segment than we have been. But We stated before, we're running as a portfolio of the LDC business.

Speaker 2

We may be doing telecom, we may be doing electric and some of that business will be blended within the electric Segment Telecom segment in the field as a portfolio. So I wouldn't get too caught up in the segmentation. The overall business will We'll continue to rise and we're producing double digit margins, double digit growth, those kind of things at the bottom. And so what I'm really looking at is that bottom number and it continues So we're proud of it.

Speaker 4

Okay, excellent. Thanks guys. I'll turn it over there. Thanks.

Operator

Thank you. Ladies and gentlemen, we do remind you that in the interest of time and to allow as many callers as possible to please limit yourself Our next question is coming from Jamie Cook of Credit Suisse. Please go ahead.

Speaker 5

Hey, good morning guys. Nice quarter. I guess my question is on Blattner. Understanding the revenue And guidance for Blattner is unchanged. Can you talk about what they're sort of seeing on supply chain side?

Speaker 5

Any difference in what you're expecting, silver versus wind or perhaps revenue synergies are starting to come through? So just an update on what flattener is seeing. Thank you.

Speaker 2

Good morning, Jamie. So in general, I would say we're confident in Bladner, confident in the guidance. So we've given our year guidance as well. The demand on renewable business balance of plant is certainly there Across the board, both SolarWind, we have really nice high end, high demand clients that customers that we believe Really have the supply chain figured out for the most part, not to say there's not some Small areas where you're seeing things happen. But in general, we took all that into account when we gave guidance.

Speaker 2

Originally, we've taken into account now. We We believe we can execute through it. Certain things may show up a little later, but we've done a really nice job. I think what I would tell you is I think it's an advantage for Quanta when there is the Supply chain disruptions, it allows us to show the breadth of the company and be able to move where a panel may be delayed a little bit, but We can build everything up to the panel and move to the where the panels are and just move around. So it shows the scale and scope Of the company and how we operate and it doesn't affect us, which allows us to collaborate with the client.

Speaker 2

So I mean, I think we're using it to our advantage, honestly, and We like where we sit in the market.

Speaker 5

Congratulations. Thank you.

Speaker 2

Thank you.

Operator

Thank you. Our next question is coming from Neil Mehta of Goldman Sachs. Please go ahead.

Speaker 6

Good morning, team. Yeah, and Strong quarter as well here from my end. First question is about the supply chain. Can you talk about how supply chain issues could affect Quanta in 2022? Is there a risk around project delays this year?

Speaker 6

And how has Quanta been able to scale its labor force in conjunction with revenue opportunities amid a relatively tight labor market?

Speaker 2

I think the company in the past over the past 6, 7 years is really focused on labor, our craft skilled labor and so that's the core of the business and really invested in it. So That investment certainly pays off in tight labor markets. And I think when we look at it, it's to our advantage. We continue to grow the business nicely. We work on how we perform our labor, where we are able to train, get people to the field faster, safer.

Speaker 2

So those things are something that we've worked on quite a bit and believe it's core to us. So yes, we like where we sit and we like how we're performing. The supply chain with the breadth of the company and the scale that we have, we're able to move pretty nimble through this. And I Yes, there is some supply chain issues in certain areas. But in general, we're able to work with a client Well before there's a problem or an issue and move project to project or help them become more nimble as well.

Speaker 2

So I do think it's us working with the client knowing that we see some supply chain constraints and Make sure that we're operating properly. And we've done that in the past. You can see the margins in the Q4. We've operated 3, we believe, in 2022. We'll do Same thing.

Speaker 2

We have leaned into some of the issues on fleet. Being the 3rd, 4th largest fleet in North America, we're able to really Stretch yourselves there and make sure that we have the fleet necessary to get in front of some of those issues. So we've done a nice job across the board mitigating the risk of supply chain, not to say that it's not out there.

Speaker 6

Thank you, David. The follow-up is just on The high voltage project award that you announced in January. Can you talk about the opportunity set Additional high voltage transmission projects of similar scale through this year and beyond and could you see additional opportunities this year? And as As you talk about that, maybe talk about the regulatory environment because the not in my backyard syndrome is certainly something that's affected the rollout of these transmission lines.

Speaker 2

Yes. I think when you look at the company, we've stated before, the base business, the 80% to 85% in the electric side and underground, Given Blattner guidance, so if you think about it, those projects will stack. There's a multitude of projects out there. The list is long. I do think we've talked about where the company sits in those type of projects and we've always said we would be around the edges and lack our chances.

Speaker 2

We continue to refine how we deliver to the client. The programmatic spends of the client are larger and our ability to execute on time, on budget was 85% to 90% self perform has given us advantages across the board and we like where we sit in that spectrum. So As those projects become come to market, they get FID, we get approvals. Not to say there's not The normal problems around permitting because there is, it's getting better, but there's still issues. Many of these projects have been on the books for decades.

Speaker 2

When I look back, we had looked at it 10 years ago as just now coming to market. So We're not going to get chase of shiny objects all the time, but we are there in the edges and we will, I believe, have a great service offering to the client when those available and will stack on top of what you already see in the growth rates you see below. So we're excited about where we sit. And Obviously, the project to the west is just in our mind something that as it comes available we lack our chances to win those type projects.

Speaker 1

Thanks Duke.

Operator

Thank you. Our next question is coming from Adam Thalhimer of Thompson Davis. Please go ahead.

Speaker 7

Hey, good morning guys. Duke, I wanted to ask 2 questions both on Blattner. Number 1, are you seeing any revenue synergies yet? And then number 2, can you talk about whether you see and And how you're thinking about any kind of long term service opportunity in the Renewables business?

Speaker 2

Yes. I think when you look about Look at it, Blattner really, in many ways, transformed where we've sat in the energy transition. It certainly puts us in front of the client across the board, Both sides from energy all the way to utilities to developers. So it allows us a broad spectrum at a very early stage within a project. Blattner's ability, their self performed capabilities, how they think was much like us on the transmission distribution side of the utility business.

Speaker 2

So When we put our heads together, there's not a day that goes by. We don't think of a synergy or something that we believe was transitional to the market. So we're in front of this. We think a lot alike. We've enjoyed the management team and our ability to collaborate has been exceptional.

Speaker 2

So The opportunities that not only what we would call renewable, but also clean energy and how we think about how Blattner helps us transition Ourselves as Quanta to really lead the way in that transition is much more than 1 plus 1 in my mind. It will really allow us to Help our client, which is ultimately both companies were focused on the client. And I'll say it over and over again, but very much aligned on So we really want to get in there and help the client move forward at a very early stage and allows a lot of benefits to both sides on the back side of this. You see tight markets like this when both of us are in there with our existing clients, we're able to really produce a nice project for the client At a low cost that in my mind that it doesn't escalate or we're not having the issues that others may have because we self perform. So Maumai, we do risk a lot of things that a normal E and C does not.

Speaker 2

We've said that many, many times and the resiliency of the company shows With Ladner and where we sit in the energy transition. Thanks, Duke. Congrats on the quarter. Thanks.

Operator

Thank you. Again, ladies and gentlemen, we are asking that you please limit yourself to one question so that we can accommodate as many callers as possible. Our next question is coming from Ian Macpherson of Piper Sandler. Please go ahead.

Speaker 8

Good morning, gentlemen. Congratulations. This has sort of already been A little bit by Jamie and others, but I wanted to revisit. If we look at the tape with renewables and we Steve, the negative sentiment in the market regarding the impact of rising interest rates and political gridlock in Washington And supply chain cost risk that's impacting utility scale development. There is implied fear, I think, with respect to the Blattner Order momentum throughout this year.

Speaker 8

And I know you're not guiding on orders and backlog, but Duke, would you refute that Negative sentiment regarding an air pocket in renewables order activity for this year despite those factors?

Speaker 2

We've had a robust market over the last few years and you continue to have one. You're talking days, months, If you're moving things, so I'll just give you an example. If solar panels are delayed, The last thing we're really accomplishing in our solar field would be putting the panels on. So if we build everything else and then put the panels on at the end, It's not a big deal. Does it disrupt a little bit?

Speaker 2

Yes. Can we get through it? Yes. So it's not the things that you're seeing, The disruptions you may see is not something that's insurmountable nor do we believe has affected Our ability to capture work over the way that Blattner looks long term, short term, we gave guidance with that in mind That there would be some balance and some, I would say, lumpiness in the market. We felt like it was there.

Speaker 2

That's why we gave the guidance we gave. We also gave guidance in 2025 of $3,600,000,000 So the market, the overall where we're going with the I don't believe that's changed. I believe all the clients that we have have said the same. So We're going to a greener environment where load growth is going up. There's no doubt about it.

Speaker 2

And the carbon The way that we're going to deliver energy will be much different. And we're sitting at the very front of that transition over the next decade. We're just getting started. So we really like what we said.

Speaker 8

Good results. Good answer. Thanks, Duke.

Speaker 2

Thanks.

Operator

Thank you. Our next question is coming from Steven Fisher of UBS. Please go ahead.

Speaker 9

Thanks. Good morning. And you may have really just answered this, but wanted to ask you again about the Renewables segment margin, because you do have a decline there assumed. And I'm just wondering is that for what you just talked about, You're baking in, is it declining because you're now baking in some more of these kind of timing issues where you have to put the panels on later? And then I guess The follow on to that would be what's the potential for that business segment margin to start growing again As we look beyond 2022.

Speaker 2

Yes. If you look at the Renewables segment, I think if you Look back, we recasted last year 13%, I believe is what it looked like, a little bit over that. Obviously, we've guided Differently with the Platinum acquisition, a couple of things. Last year, you had some contingency releases, things like that in the recast As well as when you go forward, we talked about double digit EBITDA at Ladner. As we said, Can we operate through do we think we have given prudent guidance in our renewable segment?

Speaker 2

Yes. So we'll be prudent about it. We've thought about it. We've thought about the guidance that we've given. And our ability to grow, we've talked about BlackRock going to 3.6.

Speaker 2

It's a segment that we believe will grow. Certainly, with both companies doing the things that we're doing, The backlog and things of that nature in this segment, similar to the project that we announced Today, I believe that will go into backlog in the Q1. So you'll continue to see the growth there in my mind on these projects as utility Go renewables come in as well as the our ability to enable that through substations and transmission. So I really like where that segment is and I do believe it's a growth segment for us. And we talked about if we got over $1,000,000,000 in a segment, we would That's what we do.

Speaker 2

So we want to give the investor base a good look at it and allow you to see it. So I'll let Derek comment more.

Speaker 1

Yes. I don't know that I have anything too incremental other than kind of recomment on the things we said earlier. The Blattner dynamic, again, the last 10 years has operated at a double digit margin profile. That gives us the multiyear confidence. More specifically, again, the more recent period, they've executed quite strongly above that.

Speaker 1

So yes, Do we believe that we can see an upward potential against our guidance on a multiyear basis? I think the answer is Whether that be because of our legacy electric operations that are now within this group, we think that we continue to see double digit operating income performance of kind of those legacy operations and then now thinking about flattener. So, we remain quite confident in our ability to execute to those margins With the level of upside opportunity, but we want to see the mix of work, right? There's a procurement component of it that can put pressure on margins. So very much, I think that it's the right thing to be looking at this year and being kind of proven guidance.

Speaker 1

We want to get more visibility And on a go forward basis, very confident in our ability to execute at this level and then giving us the upside opportunities as we execute through contingencies.

Speaker 2

Thank you.

Operator

Thank you. Our next question is coming from Alex Rygiel of B. Riley. Please go ahead.

Speaker 1

Good morning and very nice quarter, gentlemen. Just one quick question here. How do you view the federal regulatory environment currently? At times in the past, it's hampered growth. At other times, it's enhanced growth.

Speaker 1

How do you see it developing here 1 year into a Biden administration?

Speaker 2

Yes. Thanks, Alex. When we look at it, the overall transition, energy transition, I believe, is intact, not We believe that the sentiment towards carbon free is certainly there, whether it be hydrogen, renewables, balance of plant solar. It doesn't matter. We believe that ship has sailed.

Speaker 2

As far as trying to help with different As far as siding permitting, certainly Build Back Better, those things are all helpful. But either way, I mean the program I spent underneath, if you're going to electric vehicles, if you're going to put that many electric vehicles in the systems, Your distribution system has to move in a much, much different manner with decades' worth of work to be done to modernize As well as the same with renewables coming onto the systems and the modernization, the way It has to work and the interconnections are something that I think goes unnoticed in the amount of work that needs to be done on the grid. So those type of things are there. Obviously, if we push interest way high, it would concern everyone. And we're certainly cognizant of high interest, what it does to an economy and can I'm pushing down.

Speaker 2

So we're certainly watching those well.

Speaker 1

Thank you very much.

Speaker 2

Thanks.

Operator

Thank you. Our next question is coming from Noelle Dilts of Stifel. Please go ahead.

Speaker 1

Thanks. Just quickly on underground, could you walk through the key factors that are allowing you to guide for record margins in 2022, So revenues are about 20% less than the 2019 peak. And is this a full recovery? Or is there still more recovery in 'twenty three that you're expecting? Thanks.

Speaker 2

Thanks, Noel. I think when we looked at our underground segment, we thought the industrial business would come back strong. And certainly, as it sits today, it's coming back strong. And so that's turnaround. We also the LimeTree Adjustment that was in there last year was not there on

Speaker 1

a go forward basis. So you

Speaker 2

get some movement there as well. Those two things are really driving it up. Canada, Australia, both our energy economies have been depressed over the last 24 months and are certainly moving in the right direction. And so we really like what we've said in both Australia and Canada to add all that up and what we've done on the LDC business and how we're leveraging At the operating level in the field allows all segments to move up. So I do believe that as we operate as a portfolio, It will ultimately pull up all segments as we go forward.

Speaker 2

And I'll let Derek comment on that.

Speaker 1

Yes. The only thing I'd comment to is just that thinking all the way back to a pre COVID environment, We actually were guiding to a similar type of margin expectation. And so it's just taken us down a couple of years to get through both on the Industrial And in Australia, so I'd argue that we're very similar to where we were in a pre COVID environment. And I think this is a good step

Speaker 2

Yes. And I think where we're at now is we're early in the way that we're operating the portfolio of the companies. For us to guide there, that's good. We're getting there. But certainly, we're not satisfied with that.

Speaker 2

We believe we can operate the segment in no percent of digits.

Speaker 1

Great. Thank you.

Operator

Thank you. Our final question today is coming from Gus Richard of Northland. Please go ahead.

Speaker 10

Yes. Thanks for fitting me in. Congratulations on a good quarter. I was curious about the underground business and How much are you seeing in the energy transition to hydrogen? And how much are you seeing in integrity as people try to mitigate the Methane Leaks.

Speaker 2

Yes. I mean we saw that early and I think we invested in the LDC business quite We've grown it and there's certainly a multitude of capital deployment there over 30 year periods Across the board, so the methane release that we've seen certainly that's part of that LDC business that's growing nicely. Hydrogen carbon sequestration is certainly a piece of it. We certainly want to lead the way there on many teams that are doing that. We're early, I do think hydrogen blend, hydrogen, green hydrogen will be something we talk about quite a bit.

Speaker 2

As you saw batteries 3 or 4 years ago, 5 years ago, we were talking about batteries. And I think they're certainly prevalent today and moving forward. So the same thing with hydrogen, we're just we're a little early, But I do think the company sees that and is in front of that in many ways to make sure that we capture that market share in that segment. So Certainly. When we think through it, we definitely see hydrogen as being a part of the solution of the energy transition.

Speaker 2

Got it. Thanks. Thank

Operator

you. At this time, I'd like to turn the floor back over to management for any additional or closing comments.

Speaker 2

Yes. I want to thank the men and women in the field that are out in the inclement weather doing the things that they do. We had a rapid storm here, tough environments. They continue to We're very, very high levels safely, so we're proud of that and proud of them. With that, I'd like to thank you all for participating in our conference call.

Speaker 2

We appreciate

Powered by Quartr
Earnings Conference Call
Quanta Services Q4 2021
00:00 / 00:00