QUANTA SERVICES, INC. Annual Report, Year Ended Dec 31, 2022

Quanta Services, Inc. demonstrated strong performance in 2022, with significant revenue growth driven by increased demand across all three of its operating segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions. The company experienced a 31.5% increase in revenues year-over-year, reaching $17.1 billion. This growth was fueled by robust utility spending on grid modernization and hardening, the ongoing transition to renewable energy infrastructure, and increased demand for natural gas utility services. Financially, Quanta saw a substantial increase in operating income by 31.4% to $872.1 million and generated $1.13 billion in cash from operating activities. The company also effectively managed its backlog, which grew to $24.1 billion by year-end, indicating strong future revenue potential. Recent acquisitions, particularly Blattner, have significantly contributed to segment growth, especially in the renewable energy sector. Despite some supply chain challenges and inflationary pressures impacting costs, Quanta's strategic focus on infrastructure solutions and its diversified customer base position it for continued growth.