Quanta Services (PWR) FY2020 results: revenue $11.2 billion, down 7.5% on the year
Quanta Services, Inc. (PWR) reported revenue of $11.2 billion for fiscal 2020, the year ended 31 December 2020, down 7.5% on the year before. Net income was $446 million, up 10.8%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$11.2 billion
-7.5% on the year
FY2016FY2020
Operating margin
5.5%
4.6% a year earlier
FY2016FY2020
Net income
$446 million
+10.8% on the year
FY2016FY2020
Diluted EPS
$3.07
+12.5% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,203
12,112
11,171
-7.5%
Cost of revenue
9,542
10,512
9,691
-9.2%
Gross profit
1,661
1,600
1,480
+3.8%
Gross margin
14.8%
13.2%
13.2%
Selling, general and administrative
975
956
858
+2.0%
Operating income
611
555
540
+10.2%
Operating margin
5.5%
4.6%
4.8%
Interest expense
45.0
66.9
36.9
-32.7%
Pre-tax income
571
572
458
-0.2%
Income tax
119
165
162
-27.9%
Effective tax rate
20.9%
28.9%
35.3%
Net income
446
402
293
+10.8%
Net margin
4.0%
3.3%
2.6%
Diluted EPS
$3.07
$2.73
$1.90
+12.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,116
527
359
+111.9%
Capital expenditure
260
262
294
-0.7%
Free cash flow
856
265
65.2
+223.2%
Free cash flow margin
7.6%
2.2%
0.6%
Cash from investing
-499
-618
-403
Cash from financing
-601
178
-16.6
Depreciation and amortisation
302
280
247
+7.8%
Share-based compensation
91.6
52.0
52.5
+76.2%
Buybacks
247
20.1
443
+1,130.6%
Dividends paid
28.9
23.2
0.0
+24.3%
Dividend per share
$0.21
$0.17
$0.04
+23.5%
Diluted shares, weighted
145m
148m
154m
-1.6%
Shares outstanding at period end
138m
n/a
n/a
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,344
4,050
3,604
+7.3%
Non-controlling interest
4.8
3.5
1.3
+35.4%
Debt
1,189
1,367
1,106
-13.0%
Operating lease liabilities
179
197
n/a
-9.0%
Finance lease liabilities
1.4
0.5
n/a
+167.3%
Other liabilities
2,680
2,714
2,364
-1.2%
Total liabilities and equity
8,398
8,332
7,076
+0.8%
Fixed assets
n/a
n/a
1,276
Goodwill
2,121
2,023
1,900
+4.9%
Intangible assets
436
414
280
+5.3%
Cash and equivalents
185
165
78.7
+12.0%
Receivables
2,716
2,748
2,355
-1.2%
Inventory
50.5
55.7
108
-9.4%
Other assets
2,890
2,927
1,079
-1.2%
Total assets
8,398
8,332
7,076
+0.8%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.