Earnings call transcript: Quanta Services Q2 2025 beats forecasts, stock dips

Quanta Services Inc. reported its second-quarter 2025 earnings, surpassing both earnings per share (EPS) and revenue forecasts. The company achieved an adjusted EPS of $2.48 against a forecast of $2.46, and revenue of $6.8 billion, exceeding the expected $6.57 billion. Despite these positive results, Quanta Services’ stock fell 2.74% to $399.84, reflecting investor caution amid broader market trends. According to InvestingPro data, the company maintains a "GREAT" overall financial health score of 3.04 out of 5, with particularly strong momentum and growth metrics.

Key Takeaways

• Quanta Services exceeded both EPS and revenue expectations for Q2 2025.
• The stock declined by 2.74% in pre-market trading, despite positive earnings.
• The company reported a record backlog of $35.8 billion, indicating strong future demand.
• Strategic acquisitions and investments continue to expand Quanta’s market capabilities.
• Guidance for 2025 remains optimistic, with revenue expected between $27.4 billion and $27.9 billion.

Company Performance

Quanta Services demonstrated robust performance in Q2 2025, with significant growth in its core sectors. The company’s strategic focus on expanding its capabilities in technology and infrastructure markets has paid off, as evidenced by its record backlog and increased revenue. Compared to previous quarters, Quanta continues to build on its strong market position, particularly in the energy infrastructure sector.

Financial Highlights

• Revenue: $6.8 billion, up from the forecasted $6.57 billion.
• Adjusted EPS: $2.48, higher than the expected $2.46.
• Net income: $229 million.
• Adjusted EBITDA: $669 million.
• Free cash flow: $170 million.

Earnings vs. Forecast

Quanta Services beat market expectations with an EPS surprise of 0.81% and a revenue surprise of 3.5%. This performance marks a continuation of the company’s trend of surpassing forecasts, although the magnitude of the beat was relatively modest compared to some previous quarters.

Market Reaction

Despite the positive earnings report, Quanta Services’ stock declined by 2.74% to $399.84 in pre-market trading. This movement is somewhat unusual given the earnings beat, suggesting that broader market conditions or investor concerns about future growth may be influencing sentiment. The stock remains below its 52-week high of $424.94.

Outlook & Guidance

Quanta Services projects 2025 revenue between $27.4 billion and $27.9 billion, with adjusted EPS guidance ranging from $10.28 to $10.88. The company anticipates continued growth in the renewables sector from 2026 to 2028 and remains focused on strategic acquisitions and investments to bolster its market position.

Executive Commentary

CEO Duke Austin emphasized the company’s strategic direction, stating, "Quanta provides a solution, and we’re having the Quanta discussion constantly." He highlighted the company’s focus on driving cash and EPS, noting, "We’re really focused on where it counts, and that’s driving cash and EPS." Austin also pointed out the exponential demand for power, saying, "The demand on power is exponential."

Risks and Challenges

• Supply chain disruptions could impact project timelines and costs.
• Market saturation in certain sectors may limit growth opportunities.
• Macroeconomic pressures, such as interest rate changes, could affect capital expenditure plans.
• Regulatory changes in energy policies may influence project viability.
• Competition from other infrastructure solution providers could pressure margins.

Q&A

During the earnings call, analysts probed into the potential impacts of the Inflation Reduction Act (IRA) and safe harbor rules on renewable projects. The acquisition strategy behind Dynamic Systems was also discussed, highlighting Quanta’s flexibility in labor allocation across different markets. Analysts expressed interest in the company’s long-term growth potential and market opportunities.

Full transcript - Quanta Services Inc (PWR) Q2 2025:

Conference Operator: Good morning, and welcome to the Qantas Services second quarter twenty twenty five earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow management’s prepared remarks, and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference is being recorded.

If you have any objections, please disconnect at this time. I will now turn the call over to Kip Ruck, Vice President, Investor Relations, for introductory remarks.

Kip Ruck, Vice President, Investor Relations, Quanta Services: Thank you, and welcome, everyone, to the Quanta Services second quarter twenty twenty five earnings conference call. This morning, we issued a press release announcing our second quarter twenty twenty five results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our second quarter twenty twenty five operational and financial commentary and our 2025 outlook expectation summary on Quanta’s Investor Relations website. While management will make brief introductory remarks during this morning’s call, the operational and financial commentary is intended to largely replace management’s prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, 07/31/2025, 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 and information intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta’s control, and actual results may differ materially from those expressed or implied. We will also present certain historical and forecasted non GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward looking statements and non GAAP financial measures.

Lastly, please sign up for e mail alerts through the Investor Relations section of quantaservice.com to receive notifications of news releases and other information. Follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I would now like to turn the call over to Mr. Duke Austin, Quanta’s President and CEO. Duke?

Duke Austin, President and CEO, Quanta Services: Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services second quarter twenty twenty five earnings conference call. This morning, we reported our second quarter twenty twenty five results, which included strong double digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $35,800,000,000 and a number of other record financial metrics. This morning, we also announced the acquisition of Dynamic Systems, a premier turnkey mechanical, plumbing, and process infrastructure solutions provider with a diversified customer base that strengthens Quano’s craft skill led critical path capabilities to provide certainty for growing technology, manufacturing, and other load center markets. Dynamic Systems’ highly synergistic mechanical workforce add adds to Quanta’s growth platform and expands our total addressable market across several strategic verticals.

Additionally, Dynamic Systems brings an exceptional management team and a premier craft skilled workforce that complement Quanta’s culture. As a result of our solid second quarter results and the addition of Dynamic Systems, we are increasing our full year 2025 financial expectations for revenue, adjusted EBITDA and adjusted EPS. Additionally, in the second quarter, we made a strategic investment in Bell Lumber and Pole Company, which is the largest private producer of round wooden poles and other mass timber products, primarily serving the utility, telecom and construction industries. Quanta’s investment in Bell expands our expands Quanta’s portfolio of core utility infrastructure equipment and enhances Quanta’s ability to offer critical path supply chain solutions to our customers. Quanta’s core strategy is built on the foundation of craft skilled labor, execution certainty, investment discipline, and clear strategic rationale.

At the heart of Quanta’s success is our unmatched craft workforce. We deliver essential infrastructure solutions with dedication to safety, quality, and performance. Our execution certainty combined with strategic investments in talent, technology, and complementary business strengths businesses strengthens Quanta’s leadership position across our expanding addressable markets. Our investment decisions are guided by a disciplined strategic rationale aimed at reinforcing Quanta’s differentiated platform, growing customer partnerships, and driving long term sustainable value creation. Quanta differentiates itself through a unique solution based approach that integrates craft labor with engineering, technology, and program management expertise to deliver comprehensive self perform infrastructure solutions.

Rather than providing isolated services, Quanta partners with customers to solve complex challenges across the full project life cycle, which creates deeper strategic relationships. Our collaborative model drives higher value for our customers and positions Quanta as a trusted partner and solutions provider, not a contractor. As demand accelerates for resilient electric grids, power generation, technology expansion, and energy infrastructure, Quanta’s large addressable market continues to grow. Quanta has a proven track record of consistent profitable growth across both favorable and challenging conditions, demonstrating the resilience and sustainability of our business model, which is a testament to the strength of our portfolio approach, a diversified solutions based strategy that enables us to adapt to evolving industry dynamics while delivering mission critical infrastructure. The energy and infrastructure landscape is under undergoing a fundamental transformation, and Quanta is positioned at its center.

Utilities across The United States are experiencing and forecasting many meaningful increases in power demand, which is being driven by the adoption of new technologies and related infrastructure, including data centers and artificial intelligence, policies intended to reinforce domestic manufacturing and supply chain resources, and the need for all forms of energy generation. We continue to believe these drivers are leading to a potential historic investment in and an expansion of high voltage transmission infrastructure. And that Quanta’s self perform platform, execution track record, and solution based mindset enable us to capitalize on these expanding opportunities, positioning Quanta for sustained leadership and long term growth. I will now turn the call over to Jayshree Desai, Quanta’s CFO, to provide a few remarks about our results and 2025 guidance, and then we will take your questions. Jayshree?

Jayshree Desai, CFO, Quanta Services: Thanks, Duke, and good morning, everyone. This morning, we reported strong second quarter results, including revenues of $6,800,000,000 net income attributable to common stock of $229,000,000 or a dollar 52¢ per diluted share adjusted diluted earnings per share of $2.48 and adjusted EBITDA of $669,000,000 Additionally, we generated healthy cash flows in the second quarter with cash flow from operations of $296,000,000 and free cash flow of $170,000,000 Our second quarter performance was ahead of our expectations across most financial metrics and, similar to the first quarter, is allowing us to increase our full year expectations before considering Regarding our acquisition program, we take great pride in our ability to attract exceptional management teams and industry leading solution providers into the Quanta family, and the acquisitions and investment we announced this morning are great examples of that core competency. As Duke mentioned, these strategic deployments of capital expand both our portfolio of solutions and our addressable markets, and we believe acquiring great businesses while maintaining a prudent leverage profile adds significant value to our customers and our stockholders. We are currently evaluating refinancing alternatives to increase our post transaction liquidity profile, ensuring we can continue to support operations and opportunistically invest capital.

As a result of the solid performance in the second quarter and the expected contributions from the acquisitions and the investment made subsequent to our first quarter release, we are raising our financial expectations for the year. Revenues are now expected to range between 27.4 and $27,900,000,000, adjusted EBITDA between 2.76 and 2,890,000,000, and adjusted EPS between $10.28 and $10.88. While we recognize the variability in the regulatory environment, demand for Quanta’s differentiated portfolio of self performed craft labor solutions remains strong. As our strategy continues to advance, we are deepening customer relationships and establishing new platforms for growth. As evidenced by another quarter of record backlog, we remain confident in our ability to continue growing revenues and earnings over the years ahead.

We believe our increased 2025 financial expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long term strategy, favorable end market trends, and our partnership approach with our customers. Additional details and commentary about our 2025 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website. With that, we are happy to answer your questions. Operator?

Conference Operator: Thank you. We will now move to our question and answer session. We ask that all participants limit themselves to one question. If you have additional questions, you may requeue, and those questions will be addressed time permitting. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application.

When you are called on, please unmute your line and ask your question. We will now pause a moment to assemble the queue. Your first question comes from the line of Andrew Kaplowitz from Citi Research. Please unmute and ask your question.

Andrew Kaplowitz, Analyst, Citi Research: Hey. Good morning, everyone. Can you hear me okay?

Duke Austin, President and CEO, Quanta Services: Yes. Good morning.

Andrew Kaplowitz, Analyst, Citi Research: Duke, obviously, this quarter, there’s been, let’s call it, you know, some noise with the big beautiful bill and, you know, some increased politics out there. But, of course, AI related CapEx continues to ramp up. So maybe you can help us parse through the noise. Would you say even with the bill and its impact that you’re more confident in sequential backlog growth for Quanta as you did again in Q2, you know, really on the strength of the incremental transmission bookings you’re seeing? And then at your last Investor Day, you you talked about megatrends and capital deployment giving 15% plus EPS CAGR, you know, as sort of an upside.

Should we start thinking about that kind of growth for ’26?

Duke Austin, President and CEO, Quanta Services: Yeah. Thanks, Andy. I think when you look at the company, it’s 20 plus growth. In actuality, what we’re talking about is is the ability to do that, and then 15 at the midpoint intend to derisk everyone. So I wanna be clear on that.

The company over the nine year, ten year year that we’ve seen, it’s 20 plus. So, yes, I do believe the things that we’re doing today set us up for the future ’26, ’27, ’28, and ’29. I I you know, what we’ve done is we basically built platforms that against TAMs that compound. And when we make acquisitions, it starts day one and compounds for the future. And I I think it’s our ability to acquire companies, great companies, great family businesses, and into into the TAMs that we’re addressing certainly is the strategic rationale around the company, and it’s something that I believe goes unnoticed about how we compound free cash into earning streams.

And we’ve done it. We’ve done it over and over again. And when we talk about TAMs of, you know, of technology, you know, the 300,000,000,000 or so of capital, you see it going up. The the calls that I’m listening to on the utilities such as AEP, others, every one of them basically have gone up in their CapEx as well, and I I don’t see anything other than a upper trend of the business. The demand on power is exponential.

It continues to come in. AI continues to prove out both economically as well as what we see from power demand under any scenario. And if we’re going to lead the country and the world, you have to have power, and we’re right in the middle of the infrastructures on both the largest TAMs that create the AI of the future.

Andrew Kaplowitz, Analyst, Citi Research: Appreciate it, dude.

Conference Operator: Your next question comes from Jamie Cook with Truist Securities. Please unmute and ask your question.

Duke Austin, President and CEO, Quanta Services: Good question.

Conference Operator: If you are with called in by phone, please try 6 to unmute, Jamie. Thank you.

Jayshree Desai, CFO, Quanta Services: Sorry, Jamie. We can’t hear you. We’ll come back to you. How about that?

Conference Operator: Your next question comes from Sherif Al Sabei with Bank of America. Please unmute and ask your question.

Sherif Al Sabei, Analyst, Bank of America: Hi. Good morning. Thank you for taking my question. I guess I just wanted to touch on your backlog has continued to build fairly consistently. And just with the the obviously large amount of work out there, has this changed the bidding process at all?

Are terms becoming more favorable, and are you able to increasingly be selective on your projects?

Duke Austin, President and CEO, Quanta Services: I mean, when we’re looking at it, we’re really trying to provide solutions. And so I I think the strategic rationale around the solutions is something different where it’s longer term in nature. It’s programmatic in nature, and, you know, there is constraints in certain areas of of craft. And us our self perform capabilities are what separates us. 8085% of 85% of what we’re doing is self perform.

So Okay. Our ability to have certainty if if you think about quantity, you should think about certainty. And that certainty in the marketplace to be able to deliver on time, on budget is something that allows us to have a different discussion. And I would say, yes. It’s longer in nature.

We’re, you know, we’re we’re talking about 26, 27, 28 type time frames of growth and and CAGR growth and EPS growth and EBITDA growth and our ability to continue to compound. So you can’t do that without having longer term discussions, and I would say it’s better and better as we move forward, those discussions.

Sherif Al Sabei, Analyst, Bank of America: Understood. And and with those discussions, the longer term work and you touched on this a bit in your your opening comments. Just the we we’ve seen increased signs of utility CapEx pivoting towards transmission projects, larger projects. You know, there’s there’s clearly multiyear demand for this type of work that’s that’s likely contributing to your backlog. Can you give us some color on what indication you’ve received from conversations with your customers on on how they see the pipeline for this work evolving over the coming years?

Duke Austin, President and CEO, Quanta Services: I mean, I look. I still think the business is 85% is, you know, what I would consider base business. We’re still 80 to 85. It’s still that way. The larger projects, the larger programs are stacking.

Our LNTPs are probably at I’m I’m sure I’m confident they’re at record levels. We convert the LNTPs in the in the contracts. We can look at them. We don’t book we don’t talk about LNTPs, and and we’re not gonna start it. So but I would say everything that we’re seeing on both TAMs, large TAMs that are at record levels of of, you know, with inbounds or LNTPs or verbal or or what we’re discussing over the long term.

And so I think those relationships and our collaboration are are showing up daily. We’re at the very early stages of a large transmission build that that’s coming. It continues to compound, and we really like, you know, where the company sits in that build. Thank you.

Conference Operator: Your next question comes from the line of Ati Molak with Goldman Sachs. Please unmute and ask your question.

Ati Molak, Analyst, Goldman Sachs: Hey. Good morning, guys. Hey. Good morning. Duke, I guess, wanted to ask on what prompted the acquisition of Dynamic Systems because it seems like it has a broader end market exposure and how that fits into your strategy for the segment.

It also seems like it will open up the door to other EPC domains, And then is it reasonable to expect more m and a in that direction?

Duke Austin, President and CEO, Quanta Services: I I think, you know, when we looked at dynamic systems, you know, we’ve we’ve said all along, we’re not looking for m and a, but we are addressing the strategic rationale around the markets that we serve. And when we looked at technology, it’s really the customer asking us to do more. It’s the customer saying, can you build more? Can you give us certainty across, you know, their addressable markets? And what does it take to go faster?

What does it take to be certain? And when we’re looking at it and we see a company like Dynamic Systems that culturally fits us, that, you know, the craft is really the key to the company. They have advanced technology, you know, solutions on it when you think about their digital solutions upfront, and that advancement, what they do on the pre on the pre engineering and things of that nature. It really, you know, complements Cupertino. It complements all the other companies that we have and and surrounded by craft.

So I believe that the the craft concentric nature of Dynamic and the TAMs that we’re addressing, why wouldn’t we look at that, and why wouldn’t we lean into that market with a great company? And, yes, I we will continue to look at great family businesses that add value to our strategy and our shareholders. And I I believe we’ve done that here, and you’ve seen the numbers, and you we’ve talked about it a little bit. But what you haven’t seen is the synergies that we believe we will get. We don’t talk about synergies in these deals.

And, certainly, we believe it will cross both both utility and technology addressable markets and give us something that we don’t have today with that we can grow exponentially with the solution based approach.

Ati Molak, Analyst, Goldman Sachs: Got it. Appreciate that. Thank you.

Conference Operator: Your next question comes from Philip Shen with Roth Capital. Please unmute yourself and ask your question.

Philip Shen, Analyst, Roth Capital: Hi, everyone. Can you hear me okay?

Jayshree Desai, CFO, Quanta Services: Yes. Hey.

Philip Shen, Analyst, Roth Capital: Can you guys hear me? Good morning. Okay. Great. Hey, guys.

Duke Austin, President and CEO, Quanta Services: Hey. So

Philip Shen, Analyst, Roth Capital: thank you. With the ITC winding down by year end twenty seven, to what degree can you pull forward renewables work? A lot of it depends on labor. And so just wondering to what degree you guys are trying to accelerate that as much as you can. And then if you can, can you share what your outlook for renewables might be for 2028 and beyond after the credits wind down?

Thank you.

Duke Austin, President and CEO, Quanta Services: Yeah. I mean, I’ll let Jeshree comment on some of the things that that she’s saying. But I I do think when we look at our renewables and you look at really the low cost of energy, if you add solar wind in some places and batteries into a backstop of natural gas on a line, you get the lowest cost to the consumer. And so I still believe it’s really about the lowest cost, the speed to market that the renewables provide. We are seeing pull ins on LNTPs.

I would expect us to know, our customer base has safe harbored nicely. We we can see out multiyears here, and I I don’t think when you look at it long term, we’re not concerned with where renewables are There will be noise in it, but that’s nothing new. It’s been that way for two decades. And I I think our ability to work through that with our customers or collaborate is an opportunity for us. I I see it nothing but an opportunity, but I’ll let Deshree comment on the overall market.

Jayshree Desai, CFO, Quanta Services: Yeah. I echo everything Duke’s saying firmly. I think the the working with tier one customers who’ve lived through regulatory dynamics over twenty plus years who understand how PTC, ITC cliffs, can manifest and then being able to get price discovery as they’re working through, their projects on the demand side. We just see more and more strength, especially with the customers we’re working with. No doubt there’s gonna be some effects as the executive order comes in, as the tariffs come in in terms of just getting that price visibility.

But the demand side from every one of our customers we keep hearing is as strong as ever. And a lot of them are safe harbored well into ’28 and even into ’29. And beyond that, what they’re already starting to think through about their pipelines and how with the speed to market that’s necessary, the fact that data centers and technology continues to want power, capacity, solar, battery, and even wind provide value for both on the energy side as well as the capacity side. And so we just believe that it’s gonna be continue to be a good market for us. If you recall, we actually entered the renewable market prior to the IRA.

And because we understand these dynamics very well, we understand those customers, and we understand how to how to manage these things. I do believe that strength of being through this historically is going to be an advantage for us, and we can be helpful to our customers as they as well navigate through these dynamics. So just continued positive momentum is what we see.

Philip Shen, Analyst, Roth Capital: Great. Thanks. One follow-up here. Can you give us some more color on the core growth in Q2? And then share any expectations for inside electrical growth and the outlook there?

I

Duke Austin, President and CEO, Quanta Services: mean I think the company itself organically is growing EPS very close to double digits. And on the top line, I would I would tell you mid single digits. And I what the things that we’re doing from, you know, supply chain and all the things that we’re able to do is accomplishing. You can’t see the top line growth, but you can sure see it on the ROIC accretion and the EPS accretion. And so we’re really looking at quality of earnings where we’re we don’t believe that the risk is there on earning from a top line.

We’ll we’ll shrink it and figure out how to put it in the portfolio and and expand it. So those things are always something we’re looking at. Never happy with margins that are degradating. We’re we continue to believe that we’re getting better as a company overall, and you can see it in the margin profile and the quality of earnings. The top line will take care of itself.

And so I I we’re really focused on where it counts, and that’s driving cash and EPS.

Conference Operator: Your next question comes from the line of Jamie Cook with Truist Securities. Please press 6 to unmute and ask your question.

Duke Austin, President and CEO, Quanta Services: This is modern technology.

Jayshree Desai, CFO, Quanta Services: Jamie, I’m sorry.

Conference Operator: Hi, Jamie. Please unmute your line and ask your question.

Jamie Cook, Analyst, Truist Securities: Can you hear me?

Jayshree Desai, CFO, Quanta Services: Hey. Yes. We can.

Jamie Cook, Analyst, Truist Securities: Oh my

Kip Ruck, Vice President, Investor Relations, Quanta Services0: Yes.

Jamie Cook, Analyst, Truist Securities: Please bear with me. I’m so sorry. So so two questions. Do you understand you have a lot of growth opportunities ahead of you, and and you’re very bullish on the marketing. You can pivot to different directions.

But are are you doing any understanding you’re still bullish on renewables. Are you doing anything internally to prepare for potential short term slowdown in terms of allocating resources or or people to other projects, maybe prioritizing transmission, you know, projects? I’m just trying to think about, you know, what you can do to manage for any sort of short term hiccup in this business. So I guess that’s my first question. And then my second question, and if this was asked, tell me to get I can read the transcript later.

But my second question is just as it relates to, dynamic, have have you used I I assume revenue synergies aren’t in your targets. Can you talk to potential revenue synergies? And do you think this is a business that has an opportunity to improve margins, you know, relative to where it is today? And thank you again for bearing with me today.

Duke Austin, President and CEO, Quanta Services: And thanks, Jamie. I’ll struggle with that mute button too. So think I think we we’re we’re not concerned, you know, what what we see with renewables at this point. But our we’ve talked about, you know, one of the reasons we didn’t separate wind and solar when we bought Bladner is because we we were fungible across across wind and solar. Those same people can build transmission substations, all kind of different things on on the front side of the business.

So we we do move labor quite a bit across segments, across TAMs, and I think it’s really important to realize that it’s fungible, and we’re able to move in these different markets. And even with dynamic systems, they can move across markets. If you go, well, what about health care? What about farm? Yes.

They’re in it. But what about technology? Yes. They’re in it. What about power plants?

Yes. They can do that. So I think, in general, we’re able to move that craft across these markets, and it’s what we’ve done. We didn’t do this today. We’ve we’ve been doing this for the last decade where we’ve derisked this company in a portfolio way.

So everything you’re saying, we never intended to operate at a 100%. We’ve always intended to operate at 80. If we get to 90, we’ll blow the margins out the out the window. So 80% of of our work is, you know, better than expected. We do have, you know, downturns.

We do have inefficiencies. We have this all the time. You’ve seen it with Canada. You’ve seen it across. We’re able to operate through that because of the portfolio and because of the derisk.

So what you’re saying is absolutely right. And when we when we hear a market, we’ve already moved past that. We’ve already thought about that. You know, when we’re looking at acquiring these companies, we’re not acquiring them because of data center boom. We’re acquiring them because they’re a great company that’s long standing, well before data centers.

And when you think about what Dynamic does for us, yes, I mean, we’re on the same job, and the revenue opportunity is the 40% of the solution based that comes with it. And you when you start thinking about our Cupertino and Dynamic on the same projects, yes. Are they talking to the same customer? Yes. And are we on the high voltage side?

Yes. So, I mean, when you start to when you start to look at it and and you have a large customer and they say, well, that’s Quanta. Well, that’s Quanta. It’s just something that I believe will separate us over time. I think our strategies are sound.

Actually, I’m thinking about 2030, truthfully, and what we’re what we’re doing in 2030, we’ll let you know soon. But I I think that’s where we’re at, and I I continue to really, you know, like the markets that we’re in today. We’ll continue to earn. We’ll continue to, you know, work through this nicely, but we do derisk the company with the portfolio. No question.

Jamie Cook, Analyst, Truist Securities: Thank you.

Conference Operator: Your next question comes from the line of Brian Brophy with Stifel Niclas. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services1: Yes, thanks. Good morning, everybody. Appreciate you taking the question. Looks like you’ve made a couple of acquisitions in the civil space here recently. Obviously, that’s a very fragmented industry and continues to be.

Just curious how you’re thinking about opportunity to continue to deploy capital here from an M and A perspective? And just thoughts around doing a larger platform like acquisition in the space. I

Duke Austin, President and CEO, Quanta Services: mean, I would consider Dynamic a platform for us, and we’ll continue to grow off of it much like we’ve done with Cupertino and and Vlattner. So so that, to me, is a platform acquisition that has exponential growth to it. The synergies we don’t put in, we’ve we’ve not talked about it. I would tell you that the deal model on Cupertino, we’ve blown it away. And, you know, we call it you can’t see it because we won’t talk about it as organic growth.

But if you if you say organic growth is beating the deal model, we’re killing it. So I think in general, we we see the synergies. We see what we’re doing there on these platform type acquisitions and our ability to exponentially grow. When we look at the civil piece of it, you know, I I it’s something that on every site we’re in, on all the things that we do internally, that we’re able to self perform have self perform capabilities with what, you know, we can do in the industrial space with our industrial business. It’s something that was a great company, a great family company that the management team is fantastic and all the characteristics that we want and provides to the overall solution.

So following the strategies of the TAMs and really addressing what the customer is asking us to do with great companies that they’re not you know, we’re not out looking. I’ll say this again. You know, they they’re coming inbound, and we’re really able to, you know, discuss the longer term. If they fit, they fit. And so we’ll lean into them when when it makes sense.

Kip Ruck, Vice President, Investor Relations, Quanta Services1: Thanks, Duke. I’ll pass it on.

Duke Austin, President and CEO, Quanta Services: Your next I do wanna clarify. When I’m talking organic growth organic growth, when I’m saying that the organic growth is what we’ve stated in the past, but we don’t get credit for the the beating the deal model. So that was to clarify that so I can keep accounting and legal off me that I wanna clarify that we beat the deal model, and we don’t get credit for that piece of the organic that I consider synergies that we don’t talk about.

Kip Ruck, Vice President, Investor Relations, Quanta Services1: Thank you.

Conference Operator: Your next question comes from Chad Dillard with Bernstein. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services0: Hey. Good morning, guys. So I was hoping you could talk about the cross sell opportunities, with Dynamic. So, you know, how much customer overlap is there with Cupertino? Is MEP usually an integrated service, and, like, what sort of white space do you see to actually make that so, you know, within your your customers?

And then lastly, you know, are there are there programmatic contracts in the space, or is this, like, a potential expansion opportunity that you see ahead for Quanta?

Duke Austin, President and CEO, Quanta Services: Yeah. I mean, I I think when you when you think about Dynamic and Cupertino and and really data centers, Dynamic’s business in the past, 30% was, call it, data centers. The rest, you know, 50 was technology or or better. So it really got there in chips. I mean, that’s where they really started.

It was Texas Instruments years ago and following them across the country. They were a great supplier to Texas Instruments, and I think the chip and if I clean rooms, very technical, mechanical type, processing type business. That’s what they’re known for. The advanced process technology that they have up front superior. We really like that part of it.

So we’re early, early in these projects. Cupertino is early in these projects. We don’t they don’t really look at it. They look at them independent. You know, the key to this is, can we provide the solution?

Can we can we provide the high voltage? Are we providing the high voltage? You know, I I think, are we providing the transformers? Are we at the civil? What can we do to really expedite this to the client?

And how does that look, you know, in the next five years? Who are they asking? What we give them is certainty and self perform capabilities of 85%. The markets that show up with both dynamic, you can cross sell from dynamics customers back over into Cupertino, Quanta. I just think there’s a lot of customer synergies here that we’re not discussing.

There’s a lot of things that we can do with Kraft and you know, cross selling, many, many things. So I we really like this acquisition, and we really like the Kraft piece of it and the family that that that’s there. They’re top notch, best in best in class, and we’re super excited about having them onboard and what we can do with the company.

Kip Ruck, Vice President, Investor Relations, Quanta Services0: That’s super helpful. And then secondly, how are your renewable customers navigating the safe harbor executive order? I know we’re supposed to get some, I guess, some some final clarity in later later in August. Yeah. Are they taking, like, a wait and see approach before taking FIDs?

Are are they just, like, going to the ground, like, as soon as possible? And then, also, it’s, like, what sort of opportunity from an engineering or procurement standpoint, you know, does this Quanta have to to help customers, you know, given the situation?

Duke Austin, President and CEO, Quanta Services: Okay. I mean, that’s we can certainly help them with safe harbor and things of that nature and and then, you know, certainty to get the projects done in the time frame that’s necessary. So, yeah, a lot of inbounds there, a lot of opportunity there, and many, many things that we can do from the standpoint of, you know, helping them with the bill. I it’s noisy, tariffs, and everything’s noisy. But I we put our head down.

We operate. We we really try to collaborate on that, and, you know, our job is to see the issues before they before they happen and and help the client. I I think our transformer acquisitions, what we’re doing with polls now is part of that solution. Having certainty to these things in our craft skilled labor and our completion, customers lean on us to finish. And I really, really like where we sit.

We can cross different segments, bring different companies in for solutions and cross sell that across our customer base. So yes, lots of inbound calls, lots of discussions there. I expect our backlog to continue to increase. And I want to say, too, like you can have periods of backlog where you may sign large, large projects. And on a CAGR basis, we continue to see upward movement.

You could get some quarter over quarter of fluctuate. I don’t expect it, but we could. But on a year basis, you’re going to continue to see backlog rise for sure. I just we see it coming in at this point.

Kip Ruck, Vice President, Investor Relations, Quanta Services0: Thanks. I’ll pass it on.

Conference Operator: Your next question comes from Justin Hawk with Robert W. Baird. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services2: Oh, great. Thanks for taking my question here. Duke, I guess I just wanted to ask. I mean, you talked about, you know, the 85% of your work that’s that’s still that base business, but you do have these bigger bigger jobs. You you booked this, the Boardman Hemingway job here.

You had a big one last quarter. Another one that’s been out there, is the Grain Belt Express. So you didn’t comment on it here, but I guess, you know, that’s been press released that you and Kiwit picked up work there. And I guess I was just you know, I I guess the question is just thinking about, you know, the the puts and takes on, you know, the start of those and the wind down with SunZia and the status of kinda all those and anything we should think about from, I don’t know, a start up or or shutdown noise thing up between those as you you can have a gate between those bigger jobs?

Duke Austin, President and CEO, Quanta Services: Yeah. No. I I look. We’re we’re complete on the transmission line on SunZia, and we haven’t missed a missed a beat yet and then continue to rise. Our transmission business is growing.

We, you know, I we we didn’t talk about Grain Belt. It’s not in our backlog. It’s a great project. We we all transmission at this point is NPV positive to to North America and to the to the shareholders I mean, to to your your stakeholders. So, look, I I think, in general, great project.

It’s certainly facing some political ramifications there, and we’re working with the client. And they’re a customer and great line. We’d love to build it. So we’ll work together to try to get it across the finish line, and we really like the project. So I I do believe at some point, it’ll get built and, you know, we’re but in in general, we’re we watch this and watch what we put in our backlog, and I I think we wanna be certain when it’s in there.

I don’t like to pull things out of it. That’s for sure. So, you know, it’s it’s part of our conservatism as a company that we really, you know, try to try to give you the stories and make sure that we’re transparent on how we we look at work. So that said, I think you’re going to see compounding markets in large transmission that’s just in early stages. Some of the things that we’ve done as a company to create markets, to create our markets with larger transmission, I like it.

I like the acquisitions that we’ve made there to to help us in the front end capabilities that we have as we collaborate with the client. You’re gonna see larger seven sixty five builds across the country. We’re excited about it. We’re excited where we sit early stages. But as you start to see these things come along and you you’re seeing the capital budgets of of the clients, so we’ll follow those capital budgets.

And as they as they move forward, we’ll move forward with them.

Kip Ruck, Vice President, Investor Relations, Quanta Services2: Appreciate that. And then just one more quick one maybe for Jayshree here on the free cash flow outlook is unchanged. Your adjusted EBITDA is a little bit higher. You still have some, I guess, some bigger collections here in the second half on that. But can you just maybe talk about the dynamics of why the the free cash flow outlook is unchanged with the higher EBITDA?

Jayshree Desai, CFO, Quanta Services: Yeah. I mean, we’re pleased with what happened in the first half of free cash flow. Our our operators are continuing to do a great job on DSOs and working capital. But as I mentioned before, we wanna give ourselves the best out possible outcome around our large Canadian receivable. As you know, that’s part of our it’s it’s just within our range.

We do believe that’s gonna be settled favorably this year. Timing of cash, though, can sometimes be a little hard to predict. So, you know, we wanna we wanna give you guys a a prudent range. I think it’s the right number where we are from one one two to one seven. Do I believe we can be at the high end of that?

Yes. I do. We’re seeing some things on the type of work mix as we move into the back half of the year. That, also gives us some confidence in that higher end. But right now, we think the right thing to do is stay where we are.

Kip Ruck, Vice President, Investor Relations, Quanta Services2: Okay. Thank you very much.

Conference Operator: As a reminder, we ask that all participants limit themselves to one question. If you have additional questions, you may requeue, and those questions will be addressed time permitting. Your next question comes from the line of Drew Chamberlain with JPMorgan. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services3: Yeah. Thank you for taking the questions. Just one quick one for me and kind of following up on that last line of questioning there. How do you think about the balance sheet leverage exiting the year now with this deal being done? And then what type of flexibility does that give you for deals throughout the rest of the year?

And maybe, you know, what what cadence we can we can expect there? I’ll leave it at that. Thanks.

Jayshree Desai, CFO, Quanta Services: Yeah. Yeah. You know, as we tend to wanna stay between a leverage ratio profile of a one and a half to two times. And you’ve you’ve seen us do that even after significant acquisitions where we can push up above two times. But we buy companies that we believe will allow us to rapidly delever, and this one is no different.

We’re right now a little bit above two times. We ended the second quarter below two. We’re a little bit higher than that. But going towards the end the year, we fully expect to be below two times. You’ll see, you know, you’ll see I I made the comment that we’re evaluating various financing alternatives to continue to ensure that we have the most flexible balance sheet and give us the liquidity we need to to ensure we can invest in organic growth as well as if there are opportunities to deploy capital in various ways, we wanna be able to do so.

So we’re gonna continue doing that, but you can expect that the types of companies we acquire, our capital allocation strategy, there isn’t there’s no change going forward. We still want to remain prudent in our balance sheet. We wanna stay within that one and a half to two times and and and and do so in a way that continues to give great strategic value for our shareholders.

Duke Austin, President and CEO, Quanta Services: And just to comment, we intend to to remain investment grade.

Jayshree Desai, CFO, Quanta Services: That’s right.

Kip Ruck, Vice President, Investor Relations, Quanta Services3: Great. Thank you.

Conference Operator: Your next question comes from Sanjeeta Jain with KeyBanc. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services4: Hi. Thanks for taking my questions. So, Juan, I don’t know if you guys quantified the backlog for Boardman to Hemingway. If you did, I apologize. If you didn’t, could you help us frame size that?

Duke Austin, President and CEO, Quanta Services: It’s meaningful.

Kip Ruck, Vice President, Investor Relations, Quanta Services4: Alright. That was quick. And another one I would say is on the safe harbor treasury guidance that is pending, I how are you safeguarding Quanta’s backlog in case that changes to, let’s say, more than a 5% safe harbor rule or they pull that a four year window to complete a project down to, let’s say, two or three years?

Duke Austin, President and CEO, Quanta Services: I mean, any of those would would be better for us or as good for us. I I you know, look. We don’t we’re not seeing that, but anything that, like, makes things go faster, people want certainty. So I I don’t know what does it do for us. It it just moves it forward.

I and we’re not like I said, we’re not seeing that right now. But if if it happens, anything that people wanna go faster and be more certain, they should follow.

Kip Ruck, Vice President, Investor Relations, Quanta Services4: But what if the project sequencing changes as a result of that?

Duke Austin, President and CEO, Quanta Services: It’s not gonna bother us. I feel like look. The way that we look at this, you know, I’ve heard this a lot. We hear it on in the street a lot that, you know, the risk of Quanta is they have too much work. We come at it from 20 different ways.

If you go to another company, they come at it from one. Would you rather derisk from 20 different avenues, 20 different sources of labor, union, nonunion, or would you rather go to one person? So I I I just feel like we have a a different way to deliver on on scale, and we’re we’re we we’re proud of it. We’re proud of the men men and women in the field that build it every day, so we like our chances on all of it.

Kip Ruck, Vice President, Investor Relations, Quanta Services4: Got it. Thanks, Duke.

Conference Operator: Your next question comes from the line of Liam Burke with B. Riley. Please unmute and ask your question.

Philip Shen, Analyst, Roth Capital: Yes. Thank you. Good morning. Duke, Bell Lumber, is that a platform you can grow organically, or is that purchased just to serve your regional needs?

Duke Austin, President and CEO, Quanta Services: Look. I I think it’s a solution. It’s it’s 40% ownership in the business. And so I we really like the family, long standing family in the business. They I know more about timber and and pole solutions than I’ve ever known in my life.

And I I so I I truly believe poles, wires, transformer are critical supply chain items as we look at this. And what they do for us with certainty, we’re talking to the client about an overall solution long term. I think it’s necessary for us as we move forward in our projects. We’re the third largest fourth largest buyer of HP equipment. And our ability to I mean, the transformer capabilities, it’s just a different discussion with the client when we have the asset and able to really sway, you know, where we can logistically source and how we source.

So, like, I I I like it. It’s a collaboration with the client, and and what it does for us is certainly something that provides an overall solution to our supply chain initiatives.

Kip Ruck, Vice President, Investor Relations, Quanta Services5: Great. Thank you, Duke.

Conference Operator: Your next question comes from the line of Adam Thalhimer from Thompson Davis and Co. Please unmute and ask your question.

Philip Shen, Analyst, Roth Capital: Morning, guys.

Duke Austin, President and CEO, Quanta Services: Morning.

Philip Shen, Analyst, Roth Capital: Duke, has the one big beautiful bill come up at all in conversations with your customers? Just curious if there are provisions in there that could cause them to go faster.

Duke Austin, President and CEO, Quanta Services: Yeah. I mean, we talk about it every day. So I I you can’t ignore that. I mean, I think it’s it’s part of the business and part of the discussions we have with them constantly about, you know, how do we get in front of it? How do we help them politically?

How do we get in, you know, get in front and provide the overall solution that matters? If you see tariffs and, you know, if you look at what we’ve done in supply chain, all all the things that we’ve done in supply chain are US based on purpose, not because of the big beautiful bill because we thought we were gonna move this way, like, 10 ago. So I you know, the things that we’ve done really separate us with the client, and we can we can help them, yes. And, you know, it’s early stages in this and what they see and how we deliver, but it it doesn’t go unnoticed at the client level. And those conversations to pull work in, to go long term in in different areas, to have sourcing capabilities is, you know, we’re just scratching the surface.

And what we’re gonna do for solutions over the next decade, you know, I we’re in early stages of that. But certainly, the difference I’ve said it in the last call, I’ll say it again. You know, five years ago, we were independent. We were a Cupertino and a Bladner and a dynamic system. Today, we’re Quanta.

And Quanta provides a solution, and we’re having the Quanta discussion constantly.

Philip Shen, Analyst, Roth Capital: Thanks, Duke.

Conference Operator: Your next your next question comes from Amit Thacker with BMO Capital Markets. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services6: Thanks for squeezing me in, guys. Just two quick ones for me. It looks like the portion of your backlog from MSAs is down, I think, dollars 900,000,000 quarter over quarter, and it’s kind of flattish versus the prior year. I was just wondering, do you could does this reflect some of your kind of earlier comments on customers spend more focused on longer term solutions. And just, I was wondering if you could kind of give us a bit of a sense or quantification on how much backlog will come, from from Dynamic, when you guys update us next quarter.

Duke Austin, President and CEO, Quanta Services: Yeah. I’m not concerned with the timing of MSAs. Maybe Jayshree can comment and not even look at it. What it

Jayshree Desai, CFO, Quanta Services: No. No. I I we’re not at all. I mean, these are just timing issues. And, electric, we continue to see growing backlog.

You see a little bit of pullback maybe on the underground, but, again, we just think it’s timing. And as for dynamic, we that’s not in our backlog because we bought in the second quarter, we bought the company after the second quarter. But they came in with about a billion 8 of backlog, and we’ll update that in in the in the third quarter as we as we work through it with them.

Duke Austin, President and CEO, Quanta Services: Yeah. And that’s multiyear backlog too. They’re they can see out ’26, ’27, and even into ’28. So same scenario with them. So I think it’s really important that they’re of scale that they’re having the same kind of conversations that we’re having with the client.

It it This is not a small company with no scale. It has a lot of scalability to it. Thank you.

Conference Operator: Your next question comes from the line of Mike Dudas with Vertical Research Partners. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services7: Morning, Jayshree, Kip, Duke.

Duke Austin, President and CEO, Quanta Services: Good morning.

Kip Ruck, Vice President, Investor Relations, Quanta Services7: Duke, you know, given the, you know, the news we saw on the July build out expectations in Texas, is that charred some other RTOs in to kinda get moving forward? And are utilities continuing to underestimate transmission and the ability it can have to solve a lot of their problems?

Duke Austin, President and CEO, Quanta Services: I mean, I I think yes. I mean, 7 ’65 is in MISO as well as PJM. I mean, there’s some lines in both. So I I do believe 7 ’65 is gonna be easier to build AC than trying to build DC these days. Easier to drop load in, you know, territories, states, where states rights come in and RTOs.

So I I do believe you’ll see more 765 due to load growth. Lots of 500 out there as well. And then every it’s probably a 10 to one. When you build a big line, there’s 10 more lines coming off of it. So I I just we continue to see those inbound.

You can see it at, you know, outside the capital budget of utilities. You can see it in the RTOs as well, and lots of those projects are not in their budgeting. So I it’s prevalent. I do believe utilities are seeing it. We’re certainly in the middle of it with them.

There’s you can see debt offerings. You can see equity offerings. There’s no question that it’s on everybody’s radar that the need for transmission and generation has never been more prevalent in this country.

Kip Ruck, Vice President, Investor Relations, Quanta Services7: Excellent. Thank you.

Conference Operator: Your next question comes from Chris Young with Wolfe Research. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services8: Hey. Hey. Good morning, all. Do guys hear me?

Jayshree Desai, CFO, Quanta Services: Hey. Yes. Thanks.

Kip Ruck, Vice President, Investor Relations, Quanta Services8: Oh, great. Hey. Hey. Thanks, Thanks, Steve. Just wanted to just ask, like, I think you noted large multiyear build programs in a data center market that’s expanding your addressable market.

Now I know this acquisition, while accretive, do you view these sorts of acquisitions like Dynamic as necessary to compete for that type of work, or could you have addressed these opportunities organically? Thanks.

Duke Austin, President and CEO, Quanta Services: Yeah. You know, certainly, we can we’ve done things organically and do things organically all the time. I I felt like this fast as this is moving the the large market that we’re in And the things that we see, this this was a a market that we needed a platform company to exponentially grow. It was the right way to pursue capital and grow it from a standpoint, you know, exponentially off a platform. So some things we’ll look at platforms like telecom, we grew organically.

Market’s different market. So some things we’re always growing things organically as well. I don’t wanna you know, there’s things that we’re doing that we’re going to address different markets that you haven’t seen yet organically that I really like that I think will show up, and there’s things that we believe that you can build a platform off of with great craft skilled labor. And this is something that we leaned into from a platform standpoint that provides a a greater adjustable market, allows us to provide a solution. So we look at them all, and we look at it differently, but it’s all following the strategy and best use of of free cash flow for the shareholder.

Kip Ruck, Vice President, Investor Relations, Quanta Services8: Great. Thanks, Duke. I’ll turn it over.

Conference Operator: Your next question comes from the line of Steven Fisher with UBS. Please unmute your line and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services5: Thanks. Can you hear

Duke Austin, President and CEO, Quanta Services: me? Yes, sir.

Kip Ruck, Vice President, Investor Relations, Quanta Services5: Okay. Great.

Duke Austin, President and CEO, Quanta Services: Just a follow-up, actually, on

Kip Ruck, Vice President, Investor Relations, Quanta Services5: that last question. I mean, you you clearly made the case, Duke, for the solution angle on this dynamic deal. And it sounds like it, you know, blending with everything else, it’s a one plus one equals three. I guess I’m just curious how you compare that with the electrical side of things and wondering as you make it a a platform and build it out to something bigger over time, can you get the same returns on mechanical, that you can from from electrical? And if not, is that sort of reflected in the upfront purchase price that that you paid?

Duke Austin, President and CEO, Quanta Services: I mean, we’re always looking at returns. So your return invested capital returns on on the company are are certainly every bit as good or better than our use of capital. I think when you look at these acquisitions, what goes unnoticed is our fabrication capabilities at Quanta are well above 3,000,000 square feet. So you’re also adding significant fabrication, which is an initiative of the company along along with with, you know, the mechanical processing and plumbing capabilities here, it it goes unmatched. So I I I like what we’re doing.

We’ll speed the market’s so important in in their advanced, you know, front end services on technical capabilities are as good as anyone I’ve seen and will help the whole company be much better. So we’re we’re definitely leaning into all the things that are great about these companies for a lot of different reasons. And it’s not just what you see on paper. It’s what you don’t see that shows up three years from now or four or five. So we we certainly have strategies that that we follow, and this is one of them that, provides access to three or four markets as well as gives us more capabilities internally.

Kip Ruck, Vice President, Investor Relations, Quanta Services5: Sounds good. Thank you.

Conference Operator: Your next question comes from the line of Spark Lee with Jefferies. Please unmute and ask your question.

Kip Ruck, Vice President, Investor Relations, Quanta Services9: Guys, can you hear me okay? Hey, guys. Can you hear me okay?

Jayshree Desai, CFO, Quanta Services: Sure.

Kip Ruck, Vice President, Investor Relations, Quanta Services9: Can. Just quickly come back thank you. Just quickly come back to the IRA driven renewable pull forward dynamic here. So is there really opportunity to increase near term targets just by pulling forward renewable projects?

Duke Austin, President and CEO, Quanta Services: Yeah. I mean, look. I LNTPs are coming in. I I we’re not seeing we gave you guidance for the rest of the year at, you know, ’25, ’26, ’27, ’28. I you know, it’s too early to tell you what renewables are doing.

’26, ’27, I I believe we have growth. I don’t know how much. Anything I’d tell you would be a disservice at this point. So I I you know, we see growth in renewables in ’26, ’27, ’28, and beyond. I as long as the power demand stays where it’s at, it’ll be a part of the solution.

Batteries are you know, you go look at the Texas curves and how much batteries are helping out during these in the heat. I you know, it’s it’s something that’s, to me, goes unnoticed about how renewables play into this. And I I know the rhetoric. I understand it. But what it’s doing for the share for the grid and and also the consumer, there’s affordability issues that renewables absolutely help that.

And, you know, you’re gonna build a line. You you you add batteries and and solar on there. It’s going to be better, and you’re going to get pull in. You’re gonna get stacking. Canada looks good from a renewable standpoint.

So lots of opportunities there. I I I would see you’ll have growth in the company for the foreseeable future.

Kip Ruck, Vice President, Investor Relations, Quanta Services9: Got it. Thank you.

Conference Operator: There are no questions at this time. I’d now like to turn the call back over to management for closing remarks.

Duke Austin, President and CEO, Quanta Services: Yeah. Thank you. I I I do wanna, you know, say a little bit about people in Texas on the floods. We had some heroic acts from our, you know, people here and saved lives, and the call you know, like, the one step of a call, they went went out and saved lives. And the things that we do, the hero the heroism of of our people, the 64,000 people that are out there, men and women, they’re incredible.

They’re incredible what they do from their heart, and they’re incredible what they do every day. So I will I would be remiss in not saying know, we stand behind the families that lost lives and what we did to to help that. It’s it’s more than just an earnings call. It’s something that I believe culturally, we’re there to help and and, you know, guide and do some great things. So real proud of our people and proud of what they did there, and I wanna thank you for participating in our call.

We appreciate the questions, ongoing interest of Quantum Services, and thank you. This concludes our call.

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