广达服务 2024年度报告

HIGHLIGHTS FORGING THE FUTURE 46 LIVES SAVEDtodate with our 19,000+Automated ExternalDefibrillator (AED) unitsdeployed to job sites 2024 NOTABLE AWARDS: QUANTA SERVICES EMPLOYEESat year end58KOVER RENEWABLE ENERGYCAPACITYinstalled10GW 47% DECREASEin “StuffThat Kills You” (STKY)incidents since 2019 #1 ON THE 2024ENRTop 600 SpecialtyContractors List #192 ON THE 2024Fortune 500 list CONTENTS QUANTAis thepower ofpeople. We buildthe expertise,partnershipsand culture ofsafety anddiversity needed toforgethe infrastructure solutionsthatpower modern life. 062024 AT A GLANCE 08POWER 2DEAR STOCKHOLDERS In 2024, Quanta delivered another year ofdouble-digit growth in revenues and adjustedearnings per share as compared to 2023, andrecord free cash flow. Our ability to deliverconsistent, profitable growth is a testament to thestrength of our portfolio approach — a diversified,solutions-based strategy that enables us to adaptto evolving industry dynamics while deliveringmission-critical infrastructure. The accelerating demand for power and infrastructure solutionsis reshaping the industry, and Quanta is at the center of thistransformation. Our portfolio strength, execution disciplineand customer-focused approach are driving consistent,profitable growth, as we expand our total addressable marketand reinforce our position as a leader in delivering essentialinfrastructure solutions. We believe our operational portfoliois a strategic advantage that helps us manage risks and shiftresources across service lines and geographies, and that ourportfolio approach positions us well to allocate resources topursue a broad set of opportunities that are economicallyattractive and create operating efficiencies, improved returnsand consistent financial results. Quanta has produced record revenues seven of the last eightyears, with a 14% compound annual growth rate (CAGR) since2015, seven consecutive years of record adjusted EBITDAwith an 18% CAGR since 2015, and eight consecutive years ofrecord adjusted diluted earnings per share, with a 26% CAGRsince 2015. These results were made possible by our morethan 58,000 dedicated employees — the largest craft-skilledworkforce in the country — and our industry-leading operationaland financial platform. 2024 ACCOMPLISHMENTS We accomplished a great deal in 2024 and our past successpositions us well for the future. •Our Electric Power Infrastructure Solutions segment and ourRenewable Energy Infrastructure Solutions segment bothgenerated record revenues and double-digit growth, with 13%Increase in 2024 revenuescompared to 2023ANOTHER YEAR OFPROFITABLE GROWTH Increase in 2024 adjustedEPS compared to 202325% OUR ABILITY TO DELIVERCONSISTENT, PROFITABLE GROWTHIS A TESTAMENT TO THE STRENGTHOF OUR PORTFOLIO APPROACH — ADIVERSIFIED, SOLUTIONS-BASEDSTRATEGY THAT ENABLES US TO ADAPTTO EVOLVING INDUSTRY DYNAMICSWHILE DELIVERING MISSION-CRITICALINFRASTRUCTURE. Renewable Energy Infrastructure Solutions growing more than27% as compared to 2023, and both segments achieved recordbacklog during 2024, which is a testament to the quality of ourcustomer base and the demand for our industry-leading solutions. services, primarily to our electric power customers and strengthenour competitive position in the marketplace. •We made significant construction progress on the SunZia Windand Transmission projects, which together represent the largestclean energy infrastructure project in United States history. Webelieve this project validates the power of our combined high-voltage transmission and renewable generation solutions anddemonstrates the value of our collaborative approach to providingcomprehensive energy transition infrastructure solutions. •We generated record levels of cash flow from operations andfree cash flow and achieved another year of improved return oninvested capital. •We completed the acquisition of Cupertino Electric, Inc. (CEI),a premier electrical infrastructure solutions provider to thetechnology, renewable energy and infrastructure and commercialindustries. Founded in 1954 and headquartered in San Jose,California, CEI provides integrated turnkey solutions, includingengineering, procurement, project management, constructionand modularization services, to a high-quality and diversecustomer base across the United States. CEI brings a highlysynergistic low-voltage electrical workforce and a complementarycustomer base that provides Quanta with another large andgrowing addressable market to which we can deliver ourcomprehensive infrastructure solutions. •We successfully advanced our strategic supply chain initiatives,both organically and through the acquisitions of Safety Testand Equipment Company, Sherman + Reilly, Inc. and NiagaraTransformer, and made strategic investments in TS Conductorand Hybar LLC. We believe these domestic acquisitions andinvestments broaden our solutions and provide opportunities toreduce costs and enhance certainty of critical materials in oursupply chai