Quanta Services : August / September 2020 Investor Presentation

Investor

Presentation

August 17, 2020

Notice to Investors

This presentation (and oral statements regarding the subject matter of this presentation) includes forward-looking statements intended to qualify under the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements reflecting Quanta's expectations, intentions, strategies, assumptions, plans or beliefs about future events or performance or 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 Quanta's control, and actual results may differ materially from those expected, implied or forecasted by our forward-looking statements due to inaccurate assumptions and known and unknown risk and uncertainties. For additional information concerning some of the risks, uncertainties, assumptions and other factors that could affect our forward-looking statements, please refer to Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended Mar. 31, 2020 and June 30, 2020 and other documents filed with the Securities and Exchange Commission (SEC), which are available on our website (www.quantaservices.com), as well as the risks, uncertainties and assumptions identified in this presentation. Investors and analysts should not place undue reliance on Quanta's forward-looking statements, which are current only as of the date of this presentation. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation or otherwise, and Quanta expressly disclaims any written or oral statements made by any third party regarding the subject matter of this presentation.

Certain information may be provided in this presentation includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non-GAAP measures should not be considered as alternatives to GAAP measures, such as net income and net cash provided by operating activities, and may be calculated differently from, and therefore may not be comparable to, similarly titled measures used at other companies. For a reconciliation to the most directly comparable GAAP financial measures, please refer to the "Non-GAAP Reconciliations" section of this presentation.

The information contained in this document has not been audited by any independent auditor. This presentation is prepared as a convenience for securities analysts and investors and may be useful as a reference tool. Quanta may elect to modify the format or discontinue publication at any time, without notice to securities analysts or investors.

Key Takeaways

1

2

3

Quanta is a services company and the leading specialty infrastructure solutions provider for the utility, energy and communications industries

We self-perform more than 85% of our work, which we believe mitigates project risks and ensures efficiency, safety and cost-certainty for our customers

Infrastructure opportunities are large and sustainable. Quanta has meaningful exposure to highly predictable, largely non-discretionary spend across multiple end-markets

4	We are deeply ingrained in the utility industry, with 65%-70% of our
2020E revenues derived from collaboration with regulated utilities
5	Our portfolio approach has resulted in a strong historical growth and
financial profile with continued opportunity for growth, improved

profitability and solid cash flow over a multi-year period

W H O I S Q U A N T A S E R V I C E S ?

Leading Specialty Infrastructure Solutions Provider

Recognized market leader in the utility, energy and communications infrastructure industries

Largest and preferred employer of craft skilled labor in the industry. We self-perform+85% of our work - mitigates risk and provides cost certainty to customers

Industry leading
safety and
training results	Strong financial
and programs	profile

More than 65% of 2020E revenues from regulated utilities

Entrepreneurial business model and culture

	Solid Performance
	Through the Cycle	+14%	~9%	+15%
Strong scope and scale	2010 - 2019
with deep customer
relationships. ~90% of
2020E revenues from		Revenue	Adj. EBITDA(1)	Adj. EPS(1)
repeatable and
	CAGR	CAGR	CAGR
sustainable activity

(1) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

4

C O R P O R A T E S U S T A I N A B I L I T Y & R E S P O N S I B I L I T Y

Quanta is Focused on Long-Term Sustainability and Corporate Responsibility

Quanta's sustainability mission centers on collaborating with our customers to meet their needs and creating value for stakeholders, while focusing on employee safety and conducting our business in a socially, economically and environmentally responsible manner

Environmental

• Many of the services we provide facilitate efficient and safe delivery of clean energy and the migration towards a lower-carbon economy
• Quanta has an industry-leading reputation for environmental stewardship during its projects
• We recognize the importance of minimizing our environmental impact
• Strict adherence to environmental rules and regulations
• Expect ~90% of fleet will utilize GPS-based technology for emissions, utilization and efficiency measurement and planning by the end of 2020

Social

• Safety drives everything we do - our employees are our #1 asset
• Have incrementally invested +$100mm in training and safety initiatives for our employees over the last five years
• Trained +9,900 employees in 2019
• Committed to diversity and inclusion and creating a work environment with equal opportunity for success
• Committed to supporting the communities where we live and work
• +$11mm invested to financially support various community organizations in 2019

Governance

• Committed to strong corporate governance standards
• Independent Chairman of the Board and 90% independent board members
• 20% female board members
• Annual election of directors, with four new directors added since 2016
• +97% approval of executive compensation at 2020 annual meeting
• 20% of 2020 target annual cash incentive and 20% of 2020 target long-term equity incentive based on achievement of quantifiable safety and sustainability performance goals
• Annual stockholder engagement
• Robust stock ownership requirements for directors and officers

	Quanta's MSCI ESG rating as of 2019. The use by Quanta of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship,
5	endorsement, recommendation, or promotion of Quanta by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks
or service marks of MSCI.

K E Y S T R A T E G I E S

Key Strategies for Sustainable Success

Grow Base

Business

• +$4 billion estimated increase in base business revenues from 2015-2020E
• Equates to +10% CAGR
• Base business revenues estimated to increase from 83% of total revenues in 2015 to +90% in 2020E
• Base business growth as increased earnings stability

Improve

Margins

• Opportunity for further margin expansion in both segments over medium-term
• Quanta's Pipeline and
  Industrial segment margin expansion progression is being impacted in 2020, primarily due to effects of COVID-19 pandemic
• Quanta believes it can expand its Pipeline and Industrial segment margins to the upper- single digit range in a normalized environment

Expand Service

Offerings

• Largely organic expansion of gas distribution services markets, supplemented with Hallen acquisition
• Largely organic expansion of U.S. communications services market, supplemented with select acquisitions
• Established position in downstream industrial services via Stronghold acquisition
• Growing and increasing market share with customers

Develop Craft Skilled Labor

• +$100 million of incremental investment in training and safety over the last five years
• Employee count has increased ~64% from YE 2015 to 40,300 at YE 2019
• Trained more than 9,900 Quanta employees in 2019
• Strategic initiatives with Sam Houston State Univ., military programs, unions and trade associations

Disciplined & Value

Creating Capital

Deployment

• Working capital to support differentiated self-perform model and growth
• Acquired +$2.4 billion of our common stock since May 2014
• ~$587 million available under stock repurchase authorization as of Aug. 7, 2020
• Began paying quarterly cash dividend in 1Q19. Raised dividend by 25% in 1Q20
• Selective acquisitions that meet our strategic goals

6

C O V I D - 1 9 R E S P O N S E & I M P A C T

Resilient Business Model, Strong Financial Profile and Proactive Management

Quanta Strengths

• Solid 1H20 results
• Successful execution of five key objectives
• Resilient business model
• Strong balance sheet & liquidity
• Operational diversity
• Est. ~80% to 90% of 2020E revenues from resilient utility, communications and certain P&I services
• Self perform ~85% of revenues
• World class craftsmen

Employees & Customers

• Remain focused on health and safety of our employees
• Executing on pandemic and business continuity plans
• No meaningful impact on health or availability of workforce or key personnel as a result of COVID-19
• Continued communication and collaboration with customers
• Believe Quanta can emerge in even better competitive position with successful performance during the crisis

Proactive Expense & Capex Management

• Proactively implemented cost management initiatives
• • Suspension of hiring and raises at various operations
  • Suspension of discretionary spending and non-essential travel
• Managing labor costs at operations facing challenges and uncertainty
• Proactively implemented deferrals of non-essential capital expenditures

Operational Impacts

• As expected, April 2020 was most challenging month operationally. Operating conditions generally improved through balance of 2Q
• Electric power and communications infrastructure services minimally impacted so far
• Gas utility services shut down in certain major metropolitan markets early in 2Q20, but have since resumed work
• COVID-19exacerbating energy market challenges, particularly demand for fuel, which is impacting certain Pipeline and Industrial operations
• Latin American (LATAM) operations have been hardest hit by the pandemic

K E Y S T R A T E G I E S

Strong, Consistent Financial Improvement Driven by Key Objectives

Grow Base

Business

Improve

Margins

Expand Service

Offerings

Revenue	$11.20 (1)
$bn
	$7.57

20152020E

Adjusted EBITDA (2)

$935

(1)

$mm

$526

20152020E

Adjusted EBITDA Margin (2)

6.9%

8.3% (1)

Develop Craft Skilled Labor

Disciplined & Value

Creating Capital

Deployment

2015	2020E
Adjusted EPS (2)	$3.33 (1)
$1.11
2015	2020E

	(1)	2020E is the midpoint of our guidance announced on Aug. 6, 2020.
8	(2)	Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

S U S T A I N A B L E V A L U E C R E A T I O N

How We Are Driving Long-Term, Sustainable Value Creation

Key Strategies

Grow Base	Improve	Expand Service	Develop Craft	Disciplined & Value
Creating Capital
Business	Margins	Offerings	Skilled Labor
Deployment

Portfolio Approach

◄ 5% to 10%+ Revenue CAGR	◄ Improving Adjusted EBITDA Margins	◄ EPS Growth > Revenue Growth
◄ Double Digit ROIC	◄ Sustainable Cash Flow Generation	◄ Strategic Acquisitions	◄ Return of Capital

Actual Performance Through the Cycle, 2010 - 2019:

• Revs. CAGR of +14% • Adj. EBITDA CAGR(1) of ~10% • Avg. Adj. EBITDA Margin(1) of 9%

• Adj. EPS(1) CAGR of 16%

9

(1) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

S T R O N G E N D - M A R K E T S

High-Quality & Diverse Customer Base with Critical Assets

	Select Industry	Select Customers
End Markets	Data Points

Electric Power

Pipeline & Industrial

Communications

+$70B

Annual T&D Spend

Through 2022

+$105B

Est. N. Amer. Downstream Maint. Spend 2018-2022

+$140B

Est. Fiber Investment Required in the U.S.

* Largest customer accounted for ~10% of 2019 revenues

* Top 10 customers accounted for ~34% of 2019 revenues

1 0	Sources: The C Three Group, Douglas-Westwood and Verizon

C U S T O M E R F O C U S E D

Focused On Meeting Customer Needs

Business
What Customers Want		Why Customers Care
			•	Safety is a core value to our industry
Safety			•	Better employee relations, lower turnover and improved productivity
		•	Unsafe work environment can result in fines, higher operating costs and regulatory
				scrutiny
			•	Customer capex and opex spending at historically high levels and growing. Seeking
Value				value-added solutions
		•	Outsourcing of strategic infrastructure needs increasing due to labor shortages and
				cost management
			•	Reducing suppliers and seeking more comprehensive solutions
			•	Sustainability and reliability of infrastructure is critical to operations, customer service
Efficiency				and financial results
		•	Regulatory requirements are increasing in complexity
			•	Seeking resources to ensure timely construction, maintenance, upgrade and
				replacement of infrastructure
			•	Customers seeking cost certainty due to increased project complexity and large, multi-
Cost Certainty				year capital programs
		•	Shortage of craft skilled labor
			•	Regulatory environment increasing in complexity and becoming more costly, which can
				impact timelines and investment returns

Quanta Delivers

• Safety is a core value to Quanta
• Best safety record in the industry
• Largest trained workforce with most comprehensive service offering
• Industry-leadingtraining and development
• Collaboration via strategic partnerships
• Self-performcapabilities

1 1

S T R A T E G I C T R A I N I N G I N I T I A T I V E S

Industry-Leading Training Is A Competitive Differentiator

Employee Count

(As of Year-End)

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

2015 2016 2017 2018 2019

• High and increasing demand for craft skilled labor as infrastructure investment grows.
• Quanta took ownership of its employee recruitment, training and retention strategies to ensure we meet customer needs.
• Quanta has incrementally invested +$100 million in strategic

training initiatives over the last five years

(representative)

Northwest Lineman College (NLC) - has provided world class training curriculum for 28 years. Added communications and gas distribution curriculum

Quanta Training Center - World-class 2,300 acre training facility. Up-training employees to advanced capabilities in all industries.

Military Veteran Recruiting - Veteran hiring, training

initiative

Urban Workforce Development Program

Sam Houston State Univ. Partnership - Workforce Development Program for middle management resources

Ongoing Union & Trade Relationships

1 2

S T R A T E G I C T R A I N I N G I N I T I A T I V E S

Industry-Leading Training Is A Competitive Differentiator

+9,900

Quanta employees trained in 2019

+ $ 1 0 0 m

Quanta has incrementally invested +$100 million over the last five years in workforce development and training.

~3,800

+50,000

More than 50,000 students trained so far at Quanta facilities.

Line workers trained to respond to California wildfire safety inspection program in 2019

+2,500

Trained in apprenticeship programs by NLC in 2019

Dedicated Training Facilities

NLC - California, Idaho, Texas and Florida - with plans to build in North Carolina.

Quanta Advanced Training Center at Lazy Q Ranch is a 2,300-acretraining facility.

Students Trained by NLC Since Acquisition

+12,800

6,091

3,263

2017

2018

2019

1 3

L I F E C Y C L E S O L U T I O N S

Construction-Led Infrastructure Solutions Through Portfolio Approach

59%	Electric	41%	Pipeline &
Power	Industrial
	Revenues -		Revenues -
	2019		2019

				Gas Distribution	Downstream	Pipeline Integrity
Transmission	Distribution	Engineering Services	Substation	Industrial Services

Renewable Services	Energized Services	Emergency Restoration	Storage Facilities	Compression, Metering &	Mainline Pipeline
Pumping Stations

			Pipeline Logistics	Shale Midstream	Horizontal
Communications	Program Management	Smart Grid	Management	Pipe	Directional Drilling

Design	Engineering	Project	Installation	Maintenance	Replacement
Management

1 4

R E V E N U E B R E A K D O W N

Strategically Focused, Operationally Diverse

82% of 2019 Revenues Estimated to Come From Utilities, Industrial and Communications Customers,

Which Provide Visible and Growing Capital Programs

2019 Consolidated Revenue = $12.1 Billion*

2019 Revenue By Segment	Est. 2019 Revenue By Customer Type
Pipeline & Industrial
Infrastructure		Comms
Segment	Industrial	3%
41%	15%	Energy

Delivery

14%

Utility

64%

Other

4%

Electric Power

Segment

59%

Utility = Customers that are electric and gas utilities

Industrial = Customers that own and/or operate refinery, chemical and industrial plants and other commercial or manufacturing facilities

Communications = Customers that own and/or operate assets supporting delivery of data, communications and digital services

Energy Delivery = Customers that own and/or operate pipelines for the delivery of hydrocarbons

Other = Customers that are not accurately described by the other categories

	*Revenue, as reported, by segment and estimated by customer type based on revenues of $12,112 million for the twelve months
1 5	ended Dec. 31, 2019.

B A S E B U S I N E S S A C T I V I T Y

Large Portion of Revenues Visible and Consistent

2016 ~78% of our revenues from base business activity(1)

2020E	Expect ~90% of our revenues to come from base business activity

Base Business Tends to Follow Industry Drivers and Customer Investment Trends, Which are Longer Term in Nature

										$12
Est. 5-Year Average As % of										$10
Consolidated Revenues
				Larger Projects	$8
	Revenues									$6
									$4
				Base Business	$2
										$0
					Time
				For illustrative purposes
1 6	(1) Base business includes work with contract values less than $100 million for Electric Power and less
	than $75 million for Pipeline & Industrial

Est. Base Business Revenue (In $Bns.)

2015 2018 2021E

S U P E R I O R R I S K P R O F I L E

Portfolio Approach & Diversity of Revenues Mitigates Risk

Estimated Revenue by Geography(1)

Canada

12%

Australia 2%

LATAM & Other

United States2%

84%

Estimated Revenue by Contract Type(1)

Fixed Price	Unit Price
38%
35%

Cost Plus & Other

27%

Estimated Revenue by Project Type(1)

New
Construction	Master Service
41%
Agreement (MSA)
	40%

Engineering 1%	Maint. & Repair
18%

(1) Revenue, as reported, by type of work, geography, contract and project type based on revenues of $12,112 million for the twelve months ended Dec. 31, 2019.

E V O LV I N G W I T H C U S T O M E R S

Transition to Advanced Utility Model Has Driven Spending

Advanced Integrated Utility Model

Transmission Distribution Generation Pipelines

Gas Distribution

Renewables

Communications

• Heavy investment focus on transmission and distribution
• Reduced fossil fuel generation investment in favor of renewable generation
• Electric utilities acquiring gas utilities for grid modernization/growth opportunities
• Aging utility workforce and historically high spending is increasing outsourcing - estimated to increase to >50% over next 5 years(2)
• Some utilities investing in mainline pipeline infrastructure
• Expanding service territory via M&A

Top 25 Quanta Utility Customers in 2018(1)

($ in billions)

$166

$99

$54

$24

$67

$30

20002018

Operating Expenditures

Capital Expenditures

1	8	(1)	Utility customer data from S&P Capital IQ.
(2)	Sources: Consultant and industry sources.

R E P E A T A B L E & G R O W I N G S P E N D

Consistency of Spend from Top Customers

Driving Repeatable, Consistent Revenue Through Deep and Collaborative Customer Relationships

$ Billions

Top 20 Customers Based on 2019 Revenues Excluding Larger Projects

$6

$5

~20%

$4CAGR

$3

$2

$1

$0

20152019

$ Billions

Top 20 Utility Customers Based on 2019

Revenues Excluding Larger Projects

$5

~17%

$4

$3

$2

$1

$0

20152019

1 9

U T I L I T Y F O C U S E D

Electric & Gas Utility Infrastructure Investment Large & Growing

North American Electric Transmission &

Distribution and Gas Distribution Investment

$95.0

$83.9

2017E

2018F

2019F

2020F

2021F

2022F

Source: Confidential consultant and industry sources

Quanta expects growth > market due to company specific attributes, market share gains and outsourcing trends

• Utilities are investing significantly in their regulated delivery systems driven by:
• • Grid modernization
  • Regulation
  • Fuel source switching
  • System congestion and
  • Other long-term, secular drivers
• These investments are non-discretionary/necessary
• Quanta has significant exposure to these favorable long- term trends; Approx. 64% of revenues
• Quanta is ingrained in the fabric of the utility industry and the leading specialty infrastructure solutions provider
• We believe there is multi-year opportunity for revenue growth at a 5% to 10%+ CAGR

2 0

U T I L I T Y F O C U S E D

Utility Industry is Large, Attractive and Visible Addressable Market

"Our [utility] industry remains the most capital-intensive industry in America. For the eighth consecutive year, we expect

another industry record, with total capital expenditures projected at $135.6 billion in 2019."

- Edison Electric Institute, Oct. 2019

$136 B(1)

$26

Quanta Core

Addressable

$39Market

$87 B

$22

$4 $7

$38

2019E Capex

Elec. Transmission		Regulatory Compliance
Elec. Distribution			Other
Gas Related		Generation

$87 B(1)

5%

5%

Quanta Core

Solutions

65%

$61 B

25%

Est. Core Addressable Market

Engineering &		Craft Skilled Labor &
Prog. Mgt.		Equipment
Materials		Permitting

$12.1 B

36%

		Ample
$7.7 B	64%	Growth

Opportunity

Quanta 2019 Revenues

% from Utilities

% from Other

2	1	(1) Sources: Edison Electric Institute and Quanta estimates.

S E L E C T C U S T O M E R P R O O F P O I N T S

Significant Opportunity With Our Clients

Multi-Year,Medium-Term Modernization Initiatives Will Likely Last More Than a Decade

$35B	$56B	$11.6B-$12.4B	$11.8B-$14.5B	$37B-$40B
2020-2024	2020-2024	2020-2023	2019-2022	2020-2024

•	73% allocated to	•	Electric Utilities 86%	•	Electric Transmission	• Represents	•	Unprecedented level
	wires	•	Gas distribution 10%		~43%	aggregate electric		of system
•	Electric Transmission	•	Renewables 4%	•	Electric Distribution	transmission and		investments
	44%				~57%	distribution capex	•	Accelerated wildfire
•	Electric Distribution			•	+$20 billion of	for Florida Power		mitigation efforts
	29%				transmission capex	and Light and Gulf	•	Continued execution
•	Renewables 12%				opportunities beyond	Power		of gas safety
					2023			commitments

Sources: Utility company materials

2 2

P O S I T I V E O U T S O U R C I N G T R E N D

Aging Utility Workforce Contributes to Outsourcing Trend

Outsourcing expected to increase across electric and gas distribution over the next five years

•

•

Tight labor market for lineman and other skilled employees

• The average energy industry employee is estimated to be over 50 years old (1)
• 45% of electric utility workforce expected to retire by 2024; almost 100,000 jobs have to be filled to maintain current employee levels (2)
• 70% of energy transmission and distribution companies have stated that finding and hiring qualified workers is difficult(3)

Quanta is focused on recruiting, training and developing a strong and capable workforce to support our growth and serve our customers

	(1)	High Growth Industry Profile - Energy, U.S. department of Labor (2016)
	(2)	Building an Energy Workforce for the 21st Century; U.S. Senate Committee on Energy & Natural Resources, August
Source: Confidential consultant and industry sources		2016
(3)	U.S. Energy and Employment Report, U.S. Department of Energy, 2017

2 3

U T I L I T Y F O C U S E D

Long-Term Drivers Provide Long-Term Growth Opportunity

Top 25 Quanta Utility

Customer Spend CAGR:		2019E Utility Capex	Quanta Core Solutions	Aggregate Select Utility Multi-
2000-2018			= $136 B	= $61 B				Year Avg. Annual Capex Spend
	($ in billions)
	8%
	CAPEX
				$87 B
	5%						+$32B
	OPEX
				Quanta Core			Quanta Est.		Opportunity
				Addressable Market	2019 Share

Provides Large, Visible and Growing

Opportunity with Strong Historical Execution

Quanta Utility(1)		Quanta Utility(1)
Revenue CAGR	Operating Income Margin
2010-2019	2010-2019
+10%		~10%

2 4	(1) Attributable to customers that are electric and/or gas utilities.

T R A N S F O R M A T I V E O P P O R T U N I T Y

Puerto Rico Electric T&D System Operation & Maintenance Agreement

• LUMA Energy, LLC (LUMA), 50% owned by Quanta and 50% owned by ATCO, has been selected for this historic opportunity - the transformation and modernization of the Puerto Rico electric transmission and distribution (T&D) system, in order to provide significant benefits to the people of Puerto Rico through an Operation and Maintenance Agreement (O&M Agreement) with the Puerto Rico Electric Power Authority (PREPA) and the Puerto Rico Public-Private Partnership Authority (P3)
• LUMA is a purpose-built company that leverages the strengths of Quanta, ATCO and IEM, including world-class utility operations; craft-skilled labor training and management; and federal funds procurement, management and deployment
• LUMA's O&M Agreement is consistent with Quanta's long-term strategy
• • Long-term,contracted agreement that is expected to provide a visible, recurring and resilient cash flow and earnings stream. LUMA has begun a front-end transition period and expects to achieve full transition to the O&M Agreement in mid-2021
  • LUMA earns a fixed fee for service plus opportunity to earn annual incentive fees based on achievement of performance metrics. PREPA retains ownership of the electric T&D system and LUMA is not required to make capital investments in the electric T&D system
  • Electric T&D system operating costs and capital expenditures are pass-through and paid from pre-funded service accounts
• Quanta believes there is opportunity for it to compete for work associated with Puerto Rico's grid modernization efforts that is separate from its ownership interest in LUMA
• Successful collaboration with a customer to deliver unique infrastructure solutions that can serve as a blueprint for future opportunities

2 5

T R A N S F O R M A T I V E O P P O R T U N I T Y

Key Contract Terms and Timeline

Front-End

Transition Period

(2020 - 2021)

• Preparatory work to enable full transition of operations to LUMA in process
• LUMA paid a fixed transition fee
• Costs incurred by LUMA for purposes of front-end transition are reimbursable

O&M Services Period

(2021 - 2035)

• LUMA assumes responsibility for all in-scope operational matters
• Fixed fee for service paid monthly
• Additional incentive fees determined annually based on performance metrics
• Fixed and incentive fees indexed to inflation
• Flow-throughof system operating costs and capital expenditures paid from pre-funded service accounts
• Back-endtransition period begins one year before end of contract term (actual costs reimbursed plus profit mark-up)

2 6

C O M M U N I C A T I O N S I N F R A S T R U C T U R E S E R V I C E S

Compelling and Complimentary Growth Opportunity

Goals

To be a leading communications infrastructure solutions provider in the markets we serve

$1 billion annual revenues in the medium-term

+/- 10% operating income margins

Growth Strategies

• Primarily organic growth and greenfield expansion
• • Select strategic acquisitions play a role, but NOT a roll-up approach
• Leveraging existing U.S. field operations people, equipment and property
• Focused on wireline services, less on wireless services
• • Increasing convergence of wireless and wireline due to fiber requirements of both
• Project centric, nimble approach versus MSA focused. EPC services to differentiate
• • Less capital intensive with better margin opportunity

North American Mobile

Data Usage

(GB per subscriber/month)

2018

2024E

Source: GSMA Intelligence - The Mobile Economy 2019

Global IoT Connections	U.S. 5G Customer Adoption	To Meet Future Broadband Needs, The U.S. Needs Est.
$130-$150B of Fiber Infrastructure Investment
(Billions)
	5G Connections (MMs)			Connections of Share 5G
2018	2025E	5G Connections	5G Share
Source: GSMA Intelligence	Source: GSMA Intelligence	Source: Deloitte - Communications Infrastructure Upgrade, July 2017

2 7

C O M M U N I C A T I O N S I N F R A S T R U C T U R E S E R V I C E S

Uniquely Positioned for 5G - Overlap of Telecom & Electric Power Infrastructure

Today's 4G Network

Future 5G Network

= 1 Square Mile

	4G/LTE	5G	5G Enabled Across
Coverage	Macro-Cell	Small Cells	Top 25 U.S. Metro Mkts.
Example Square Miles	1	1	174,000
Cells Per Sq. Mile (Urban)	1	60	10,440,000
Miles of Fiber Backhaul/Site	1-5	8	1,392,000
Miles of Fiber/Sq. Mile	1-2	480	83,520,000

Source: Fiber Broadband Association

We believe the density requirements of small cells for 5G deployment is likely to require wireless carriers to utilize electric distribution infrastructure to collocate antennae at the top of power poles

• The added weight of 5G equipment would require many older poles to be replaced
• Some poles may need to be replaced with taller poles, to allow clearance between the antennae and power lines to prevent signal interference
• The 5G antennae would need to be installed above the power lines
• As a result of these factors, electric utility lineman would be required to make pole changeouts and install the antennae - NOT telecom workers
• The utility business model could make meeting this need challenging

Quanta is Uniquely Positioned for this Opportunity Given Our

Electric Power and Telecom Infrastructure Capabilities

2020

and Strong Customer Relationships

2 8

A T T R A C T I V E L O N G - T E R M T H E M E

The Electrification & Connectivity of Everything

For advanced technologies to work, it requires infrastructure. Technology is advancing faster than required infrastructure. Quanta is uniquely positioned to provide critical infrastructure services that enable the technologies of tomorrow

Applicable
Infrastructure	Electric	5G and	Autonomous	Cloud /	Internet of Things
Requirements	Vehicles	Mobility	Vehicles	Data Centers	& Connected Objects	Smart Cities
Electric Power
Communications

2 9

S T R A T E G I C F O C U S O N B A S E B U S I N E S S

Pipeline and Industrial Infrastructure Services

Strategy

• Create a more sustainable
	and consistent operation
•	Increase and gain scale of
	base business services
•

Focus Services		Steps Taken
Gas Utility	• Organic expansion of gas
		utility services
	•	Acquisition of Hallen
Pipeline		Construction in 2019 (gas
	utility services)
Integrity

Results

2020E Pipeline & Industrial

Segment Revenues

<90%	Total Revs.+10%
	~$3.6B

Services and geographic

diversity

• Opportunistic pursuit of

larger pipeline projects

that meet our risk and

margin parameters

Downstream

Industrial Services

• Organic expansion of pipeline integrity services

Larger Projects• Acquisition of Stronghold in 2017 (industrial services)

Base Business Revenues

Larger Project Revenues

+70% Total Revs.<30%

~$3.6B

Focus Services Revenues Remaining Services Revenues

3 0

S T R A T E G I C F O C U S O N B A S E B U S I N E S S

Pipeline and Industrial Infrastructure Services

Gas Utility Services

Pipeline Integrity Services

• As of 2019, the U.S. natural gas distribution system consisted of more than 2.2 million miles of pipelines (1)
• Gas utilities are in the early stages of performing multi-decade gas system modernization programs
• Regulations are driving investment aimed at improving gas system reliability, safety and environmental aspects

• There are 544,000 miles of hazardous liquids, gas transmission and LNG pipelines in the U.S. (1)
• Regulations require pipeline companies to certify that their systems are operating properly based on various factors for reliability, safety and environmental purposes

• Provides a lower-risk, visible and sustainable earnings		• Quanta has grown its operations organically
profile with a majority of revenues derived from		• Challenges to building new mainline pipeline projects
master services agreements	Larger Projects
could make existing pipeline systems more valuable
• Quanta has expanded its service footprint and
	and could increase pipeline integrity and maintenance
capabilities organically and through the Hallen
	spending
Construction acquisition
Representative Customers		Representative Customers

3 1

(1) Pipeline and Hazardous Materials Safety Administration (PHMSA)

C R I T I C A L P A T H & S P E C I A LT Y S O L U T I O N S

Industrial Services Overview

Projected North American Downstream Maintenance

Spending 2018 - 2022: ~ $105 Billion

									Gas Proc.
	36%	14%
Refinery
						10%		LNG
				40%
PetChem

Source: Douglas-Westwood

Downstream Industrial Services Drivers

• Near-termdownstream maintenance and capital investment being meaningfully impacted by the COVID-19 pandemic, which has reduced global demand for refined products
• Plant spending and upgrades have similar drivers to electric power and midstream industries: low fuel costs, aging infrastructure, large and long-term supply of low cost hydrocarbon resources
• Substantial installed base of industrial facilities operating in a highly corrosive environment
• As plants age, critical process units' risk of failure increases significantly, requiring consistent and recurring maintenance investment
• Deferrals and other factors yield expectations for significant turnaround season over coming years - reversion to mean activity levels

Representative Customers

Representative Industrial Services

• Leading turnkey catalyst replacement service provider to refining and petrochemical industries
• Planned and emergency turnaround services
• Storage tank engineering, construction, repair, maintenance and fabrication; downstream and midstream infrastructure fabrication
• Medium- and high-voltage electrical services to refining, petrochemical and midstream industries
• Electrical engineering, procurement, construction, testing, maintenance, start-up and process control services
• Turnkey downstream industrial piping maintenance, inspection, specialty mechanical and construction services

3 2

E N E R G Y D E L I V E R Y

Pipeline Infrastructure Investment & Ancillary Services Drivers

Shale Gas & Tight Oil Plays Drive	Tight Oil Drives U.S. Oil Production
U.S. Natural Gas Production
2000-2050 (millions of barrels per day)
2000-2050 (trillion cubic feet)

Source: EIA, Annual Energy Outlook 2020

Source: EIA, Annual Energy Outlook 2020

Canadian Oil Sands & Conventional Oil Production

(Millions of barrels per day)

Production

Grows

The

Spreads Infrastructure

Tighten Cycle

Blowout

Spreads

Infrastructure

Built

• Need for pipeline and related infrastructure is primarily driven by the significant increase in North American unconventional natural gas and oil production - not by commodity prices
• Pipeline and related midstream infrastructure has not been built fast enough to keep pace with hydrocarbon production
• Mainline pipeline construction is a good business and generates solid cash flow, but is cyclical. Quanta is not growing these operations strategically - have the resources we need

Representative Customers

Source: Canadian Assoc. of Petroleum Producers

Source: East Daley Capital

3 3

C O M P L E M E N T A R Y T O B A S E B U S I N E S S

Larger Projects Provide Incremental Opportunity

Larger Electric Transmission Project Drivers

Larger Pipeline Project Drivers

+$3B of

Opportunities

• Overall industry drivers affecting transmission development previously discussed apply here as well
• Merchant transmission companies
• FERC Order 1000 Rework
• Electrification of rural territories in Canada
• "Australian CREZ" - renewable development requiring transmission interconnect programs

+$3B of

Opportunities

• Long-termgrowth of natural gas and oil production from North American shale and Canadian unconventional formations a major driver
• Pipelines needed to transport product from new geographical areas to demand
• United States LNG export development
• LNG export development on the coasts of Canada

3 4

U N I Q U E & D I F F E R E N T I A T E D P O S I T I O N

Collaboration with Customers on Advanced Opportunities

Believe the evolution of our business model over the last 20+ years, through strategic initiatives, safe and world class execution and deep collaboration with our customers, has put Quanta in a unique position to partner with our customers to pursue opportunities in a way that we believe no other company in our industry can

Examples

• Puerto Rico Electric Power Transmission & Distribution System
• Fort McMurray West 500kV Transmission Line
• Fort McMurray East Project (opportunity)

• Opportunities in Australia

Larger Projects

• WhiteWater Midstream / Agua Blanca
• Howard Energy Partners
• WindCatcher Tie Line & Northern Pass

3 5

S T R O N G F I N A N C I A L F O U N D A T I O N

Balance Sheet Strength Provides Flexibility

($ in millions)	12/31/2016	12/31/2017	12/31/2018	12/31/2019	6/30/2020
Cash and Equivalents	$	112	$	138	$	79	$	165	$	531
Other Debt			10		4		34		21		25
Term Debt			0		0		593		1,241		1,209
Credit Facility			351		668		479		105		153
Total Debt			361		672		1,106		1,367		1,387
Total Equity			3,343		3,796		3,605		4,054		3,918
Total Capitalization	$	3,704	$	4,468	$	4,711	$	5,421	$	5,305

			Larger Projects				$1,811	$2,138
Liquidity
(1)
	$1,265					$1,173		$1,607
($ in millions)
		$867							$1,646
	$1,153
	$729				$1,094
									$165	$531
	$112	$138				$79
	12/31/16	12/31/17			12/31/18	12/31/19	6/30/20
					Cash			Credit Facility (Unused)

June 30, 2020

Debt / Adj. EBITDA

"Street" Bank

Ratio(2)Ratio(2)

~0.9X~1.3X

1. Liquidity includes cash and cash equivalents and availability under our senior secured credit facility, which is reduced by letters of credit drawn against the credit facility.
2. Street Ratio = Net debt divided by trailing twelve month adjusted EBITDA of $951 million. Bank Ratio = Net debt plus $375 million of letters of credit and bank guarantees divided by adjusted EBITDA, as defined in our senior secured credit agreement.

3 6

C A S H F L O W I S C O U N T E R C Y C L I C A L

Influences on Cash Flow Generation and Conversion

Change in Revenue vs Free Cash Flow(1)/Adjusted EBITDA(2)

	50%				For the Years Ending December 31,	100%
												90%
	40%									Estimate
									Midpoint 80%
	30%											70%
Chg.Revenue%											30%	EBITDAFCF/Adjusted
												60%
	20%											50%
												40%
	10%
	0%											20%
									Guidance	10%
	-10%									Midpoint	0%
	2013	2014	2015	2016	2017	2018 2019* 2020E
				Revenue % Chg.				FCF/Adjusted EBITDA

*Includes adverse impacts of $112 million to FCF and $79.2 million to adjusted EBITDA associated

with the termination of a telecommunications project in Peru during 2019

• Quanta's cash flow generation is counter to revenue growth primarily due to working capital demands and to a lesser extent, capex investment
• This dynamic allows us to lean in to opportunistic strategic capital deployment, such as stock repurchases, strategic acquisitions and dividends, that can counter the effects of moderating growth
• As base business activity continues to grow and represent a higher percentage of total revenues, we would expect our free cash flow to increase and mitigate a portion of increased working capital demands when larger projects ramp-up

Historical FCF Conversion Scenario

Quanta '13-'19		Nominal '13-'19
Rev. CAGR		Rev. CAGR
11%	3%

Cumulative Effect on Net Working Capital ~$544 mm

	Adj. EBITDA	Net Income
Cumulative FCF Conversion =	27%	56%
Adjusted for "Excess" Growth =	38%	79%

1. Refer to the appendix for the definition of free cash flow and a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.
2. Refer to the appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

3 7

N E T W O R K I N G C A P I T A L & C A S H F L O W

Historical Net Working Capital(1) as % of TTM Revenues

	• Net working capital as a percentage of
	trailing twelve month (TTM) revenues is
	subject to material changes throughout
	the year
	• Over the last 20 quarters, net working
	capital has averaged 13.6% of TTM
	revenues
Larger Projects	• Lower working capital in the fourth
	quarter versus prior quarters tends to
	result in meaningful cash flow in the
	fourth quarter of a given year

3	8	(1) Refer to the appendix for the definition of net working capital, a non-GAAP measure and a reconciliation to net working capital as reported on our consolidated
balance sheets.

O P P O R T U N I S T I C & D I S C I P L I N E D A P P R O A C H

Flexible & Strategic Capital Allocation - A Competitive Advantage

Capital Deployment Preference

2015 - 2019 Sources & Uses of Cash

• Working Capital
• Capital Expenditures
• Acquisitions
• Investments
• Return of Capital

Capital Deployment Posture

• Generally in sync with preference, however …
• Financial strength provides the ability to be opportunistic
• Flexible and strategic capital allocation is a competitive advantage

(Amounts in millions)

	$4,411		$4,349
		1%	$44
		24%	$1,026
Borrowings	$1,293	29%
$1,159
Divestiture		27%
$842	19%
Proceeds

Cash Flow from	$2,276	52%	49%	$2,120
Operations

Investments

Acquisitions, Net

CAPEX & Other,

Net

Stock

Repurchase

Sources	Uses

3 9

M U LT I - Y E A R P R O F I T A B L E G R O W T H

Financial Goals for Growing Long-Term Shareholder Value

Return of

Capital

Strategic

Acquisitions

Double Digit

ROIC

Sustainable Cash

Flow Generation

		EPS Growth >
	Improving	Revenue Growth
	Adjusted EBITDA
5% to 10%+	Margins
Revenue CAGR

Actual Performance Through the Cycle, 2010 - 2019:

• Revs. CAGR of +14% • Adj. EBITDA CAGR(1) of ~10% • Avg. Adj. EBITDA Margin(1) of 9%

• Adj. EPS(1) CAGR of 16%

(1) Refer to appendix for a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure.

4 0

Investor Contact	Corporate Office
Kip Rupp, CFA	2800 Post Oak Blvd., Suite 2600
Vice President - Investor Relations	Houston, TX 77056
713-341-7260	713-629-7600
[e-mail]	www.quantaservices.com

Appendix

Reconciliation Tables & Forward-Looking Statement Disclaimers

Reconciliation of Adjusted Net Income from Continuing Operations Attributable to Common Stock

For the Years Ended December 31,

(in thousands, except per share information)

(Unaudited)

As of August 6, 2020

Estimated Guidance Range

Reconciliation of adjusted net income from continuing operations attributable to common stock:

Net income from continuing operations attributable to common stock (GAAP as reported)

Adjustments:

2010		2015		2016		2017		2018		2019		2020		2020
$ 142,693	$ 120,286	$ 198,725	$ 314,978	$ 293,346	$ 402,044	$ 337,800	$ 382,000

Asset impairment charges		-			58,451			7,964			59,950			52,658			13,892			-			-
Impairments of non-integral unconsolidated affiliates		-			-			-			-			-			-			8,700			8,700
Impact of loss on early extinguishment of debt, net of tax		7,107			-			-			-			-			-			-			-
Severance and restructuring charges		-			-			6,352			-			1,326			-			-			-
Acquisition and integration costs		10,575			7,966			3,053			10,579			17,233			24,767			6,000			6,000
Bargain purchase gain		-			-			-			-			-			(3,138)			-			-
Impact of Tax Cut and Jobs Act		-			-			-			(70,129)			33,067			-			-			-
Tax benefits primarily related to entity restructuring and recapitalization
efforts		-			-			-			(18,224)			1,842			-			-			-
Impact of income tax contingency releases		(9,428)			-			(20,488)			(7,223)			(8,049)			(6,136)			-			-
Change in fair value of contingent consideration liabilities		-			-			-			(5,171)			(11,248)			13,404			700			700
Impact of tax benefit from realization of previously unrecognized deferred
tax asset		-			(4,228)			-			-			-			-			-			-
Impact of Change in a Canadian provincial statutory tax rate		-			4,982			-			-			-			(2,532)			-			-
Impact of favorable tax settlement, net of reduction of related
indemnification asset		-			-			-			-			-			(911)			-			-
Gain on sale of equity investment		-			-			-			-			-			(12,973)			-			-
Income tax benefits associated with the sale of equity investment		-			-			-			-			-			(7,756)			-			-
Income tax impact of adjustments		(3,872)			(16,186)			(3,982)			(24,197)			(18,649)			(12,985)			-			-
Adjusted net income from continuing operations attributable to common
stock before certain non-cash adjustments		147,075			171,271			191,624			260,563			361,526			407,676			353,200			397,400
Non-cash stock based compensation		20,640			36,939			41,134			46,448			52,484			52,013			77,000			77,000
Non-cash interest expense		1,704			-			-			-			-			-			-			-
Amortization of intangible assets		37,655			34,848			31,685			32,205			43,994			62,091			72,800			72,800
Income tax impact of non-cash adjustments		(23,113)			(25,817)			(26,183)			(28,877)			(25,219)			(29,793)			(43,000)			(43,000)
Adjusted net income from continuing operations attributable to
common stock after certain non-cash adjustments	$	183,961	$	217,241	$	238,260	$	310,339	$	432,785	$	491,987	$	460,000	$	504,200
Effect of convertible subordinated notes under the "if- converted" method -
interest expense addback, net of tax		1,412			-			-			-			-			-			-			-
Adjusted net income (loss) from continuing operations attributable to
common stock	$	185,373	$	217,241	$	238,260	$	310,339	$	432,785	$	491,987	$	460,000	$	504,200
Weighted average shares:
Weighted average shares outstanding for diluted earnings per share		211,796			195,120			157,288			157,155			154,226			147,534			144,700			144,700
Weighted average shares outstanding for adjusted diluted earnings per
share		214,151			195,120			157,288			157,155			154,226			147,534			144,700			144,700
Diluted earnings per share from continuing operations attributable
to common stock and adjusted diluted earnings per share from
continuing operations attributable to common stock:
Diluted earnings per share from continuing operations attributable to
common stock	$	0.67	$	0.62	$	1.26	$	2.00	$	1.90	$	2.73	$	2.33	$	2.64
Adjusted diluted earnings per share from continuing operations attributable
to common stock	$	0.87		$	1.11		$	1.51		$	1.97		$	2.81		$	3.33		$	3.18		$	3.48

Reconciliation of EBITDA and Adjusted EBITDA

				For the Years Ended December 31,
			(in thousands, except per share information)
					(Unaudited)
																				As of August 6, 2020
																			Estimated Guidance Range
	2010		2013		2014		2015		2016		2017			2018			2019			2020			2020
Net income from continuing operations attributable
to common stock (as defined by GAAP)	$ 142,693	$ 372,057	$ 269,224	$ 120,286	$ 198,725	$ 314,978	$	293,346	$	402,044	$	337,800	$	382,000
Interest expense	4,902	2,668	4,765	8,024	14,887	20,946			36,945			66,890			38,000			35,000
Interest income	(1,417)	(3,378)	(3,736)	(1,493)	(2,423)	(832)			(1,555)			(927)			-			-
Provision for income taxes	88,884	196,875	139,007	97,472	107,246	35,532			161,659			165,472			141,800			161,900
Amortization of intangible assets	37,655	25,865	34,257	34,848	31,685	32,205			43,994			62,091			72,800			72,800
Equity in (earnings) losses of unconsolidated affiliates	-	-	332	466	979	10,945			52,867			(76,801)			8,500			8,500
Income taxes and depreciation included in equity in				-
earnings of integral unconsolidated affiliates	-	-	-	-	-			-			-			2,900			2,900
Depreciation expense	101,199		118,830		141,106		162,845		170,240		183,808			202,519			218,107			217,400			217,400
EBITDA	$ 373,916	$ 712,917	$ 584,955	$ 422,448	$ 521,339	$ 597,582	$	789,775	$	836,876	$	819,200	$	880,500
Non-cashstock-based compensation	20,640	34,381	37,449	36,939	41,134	46,448			52,484			52,013			77,000			77,000
Acquisition and integration costs	10,575	8,145	14,754	7,966	3,053	10,579			17,233			24,767			6,000			6,000
Asset impairment charges	-	-	-	58,451	7,964	59,950			52,658			13,892			-			-
Provision for long-term contract receivable	-	-	102,460	-	-	-			-			-			-			-
Arbitration expense	-	-	38,848	-	-	-			-			-			-			-
Bargain purchase gain	-	-	-	-	-	-			-			(3,138)			-			-
Change in fair value of contingent consideration liabilities	-	-	-	-	-	(5,171)			(11,248)			13,404			700			700
Severance and restructuring charges	-	-	-	-	6,352	-			1,326			-			-			-
Loss on early extinguishment of debt	7,107	-	-	-	-	-			-			-			-			-
Gain on sale of Howard Energy	-	(112,744)	-	-	-	-			-			-			-			-
Reduction of indemnification asset	-		-		-		-		-		-			-			3,991			-			-
Adjusted EBITDA	$ 412,238		$ 642,699		$ 778,466		$ 525,804		$ 579,842		$ 709,388		$	902,228		$	941,805		$	902,900		$	964,200
Consolidated Revenues	$3,629,433	$6,411,577	$7,747,229	$7,572,436	$7,651,319	$9,466,478	$11,171,423	$12,112,153	$11,000,000	$11,400,000
Adjusted EBITDA Margin	11.4%	10.0%	10.0%	6.9%	7.6%	7.5%			8.1%			7.8%			8.2%			8.5%

Reconciliation of Free Cash Flow

Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from sale of property and equipment and from insurance settlements related to property and equipment.

								As of August 6, 2020
								Estimated Guidance Range
	2013	2014	2015	2016	2017	2018	2019	2020	2020
Net Cash Provided by Operating Activities of
Continuing Operations	$370,558	$247,742	$627,762	$390,749	$371,891	$358,789	$526,551	$850,000	$1,050,000
Less: Net Capital Expenditures:
Additions of Property and Equipment	($221,946)	($247,216)	($209,968)	($212,555)	($244,651)	($293,595)	($261,762)	($250,000)	($250,000)
Proceeds from Sale of Property and Equipment	$14,789	$14,448	$26,178	$21,975	$23,348	$31,780	$31,142	-	-
Proceeds from Insurance Settlements Related to
Property and Equipment	-	-	$869	$546	$1,175	$714	$1,964	-	-
Net Capital Expenditures	($207,157)	($232,768)	($182,921)	($190,034)	($220,128)	($261,101)	($228,656)	($250,000)	($250,000)
Free Cash Flow	$163,401	$14,974	$444,841	$200,715	$151,763	$97,688	$297,895	$600,000	$800,000

Reconciliation of Free Cash Flow Conversion Scenario

Revenue Growth impact on Free Cash Flow

$MMs	2013	2019	Change
Revenue, reported	$6,412	$12,112	$5,701
NWC	$750	$1,478	$728
Revenue @ 3% growth per year	$6,412	$7,656	$1,244
Implied NWC	$750	$934	$185
Excess NWC to support Revenue Growth			$544

		Cumulative '13-'19
$MMs	Actual	NWC Impact	Pro Forma
Adj. EBITDA	$5,080		$5,080
Adj. Net Income	$2,432		$2,432
Free Cash Flow	$1,371	$544	$1,915
Free Cash Flow / Adj EBITDA	27%	11%	38%
Free Cash Flow / Adj Net Income	56%	22%	79%

Historical Net Working Capital(1) as % of TTM Revenues

($MM)		2015							2016					2017				2018				2019				2020
	1Q	2Q	3Q		4Q			1Q		2Q	3Q		4Q		1Q	2Q	3Q	4Q		1Q	2Q	3Q	4Q		1Q	2Q	3Q	4Q			1Q		2Q
Trailing Twelve Months (TTM) Revenues	$ 7,873	$ 7,907	$ 7,701	$	7,572	$	7,425	$	7,345	$ 7,448	$	7,651	$ 8,116	$ 8,524	$ 9,091	$ 9,466	$ 9,706	$10,162	$10,538	$11,171	$11,561	$11,744	$12,112	$12,112	$	12,069	$	11,736
Current assets:
Total current assets (GAAP as reported)	$ 2,388	$ 2,316	$ 2,363	$	2,278	$	2,248	$	2,244	$ 2,405	$	2,289	$ 2,475	$ 2,617	$ 2,948	$ 2,870	$ 2,957	$ 3,075	$ 3,378	$ 3,326	$ 3,555	$ 3,752	$ 4,302	$ 3,831	$	3,758	$	3,645
Less: Cash and cash equivalents	(136)	(65)	(49)		(129)			(155)		(162)	(117)		(112)	(107)	(100)	(92)	(138)	(102)	(120)	(114)	(79)	(85)	(73)	(80)	(165)			(377)		(531)
Less: Current assets of discontinued operations	-	(9)	-		-			-		-	-		-		-	-	-	-		-	-	-	-		-	-	-	-			-		-
Current assets for net working capital	$ 2,252	$ 2,242	$ 2,314	$	2,149	$	2,093	$	2,082	$ 2,288	$	2,177	$ 2,368	$ 2,517	$ 2,856	$ 2,732	$ 2,855	$ 2,955	$ 3,264	$ 3,247	$ 3,470	$ 3,679	$ 4,222	$ 3,666	$	3,381	$	3,114
Current liabilities:
Total current liabilities (GAAP as reported)	$ 1,124	$ 1,179	$ 1,341	$	1,204	$	1,236	$	1,208	$ 1,246	$	1,205	$ 1,265	$ 1,286	$ 1,592	$ 1,492	$ 1,550	$ 1,691	$ 1,816	$ 1,806	$ 1,779	$ 1,906	$ 2,358	$ 2,263	$	2,116	$	2,093
Less: Current maturities of long-term debt and short-term debt	(9)	(3)	(2)		(7)			(4)		(6)	(5)		(8)	(4)	(1)	(3)	(1)	(3)	(15)	(23)	(66)	(44)	(53)	(76)	(75)			(73)		(72)
Less: Current portion of operating lease liabilities	-	-	-		-			-		-	-		-	-	-	-	-	-	-	-	-	(92)	(93)	(94)	(92)			(91)		(90)
Less: Current liabilities of discontinued operations	-	(68)	(147)		(15)			(3)		(3)	(1)		-		-	-	-	-		-	-	-	-		-	-	-	-			-		-
Current liabilities for net working capital	$ 1,115	$ 1,108	$ 1,192	$	1,182	$	1,229	$	1,199	$ 1,240	$	1,197	$ 1,261	$ 1,285	$ 1,589	$ 1,491	$ 1,547	$ 1,676	$ 1,793	$ 1,740	$ 1,643	$ 1,760	$ 2,188	$ 2,096	$	1,952	$	1,931
Net working capital	$ 1,137	$ 1,134	$ 1,122	$	967		$	864	$	883	$ 1,048	$	980		$ 1,107	$ 1,232	$ 1,267	$ 1,241		$ 1,308	$ 1,279	$ 1,471	$ 1,507		$ 1,827	$ 1,919	$ 2,034	$ 1,570		$	1,429	$	1,183
Net working capital / TTM Revenues	14.4%	14.3%	14.6%		12.8%			11.6%		12.0%	14.1%		12.8%		13.6%	14.5%	13.9%	13.1%		13.5%	12.6%	14.0%	13.5%		15.8%	16.3%	16.8%	13.0%			11.8%		10.1%

1. Net working capital is defined as (a) total current assets less cash and cash equivalents, less current assets of discontinued operations less (b) total current liabilities less current maturities of long-term debt and short-term debt, less current portion of operating lease liabilities, less current liabilities of discontinued operations.

Forward Looking Statements

This presentation (and oral statements regarding the subject matter of this presentation) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to the following:

• Projected revenues, net income, earnings per share, EBITDA, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, tax rates and other operating or financial results;
• Expectations regarding Quanta's business or financial outlook;
• Expectations regarding the COVID-19 pandemic, including the potential impact of the COVID-19 pandemic and of governmental responses to the pandemic on Quanta's business, operations, supply chain, personnel, financial condition, results of operations, cash flows and liquidity;
• Quanta's plans, strategies and opportunities, including the plans, timing, effects and other matters relating to the COVID-19 pandemic and the exit, through potential sale or otherwise, of its Latin American operations;
• The future performance or success of LUMA and Quanta's investment in LUMA, including the expected economic, workforce and social impact on Puerto Rico and the future performance of the Puerto Rican electrical grid and service;
• The expected outcome of pending and threatened legal proceedings;
• Beliefs and assumptions about the collectability of receivables;
• The business plans or financial condition of Quanta's customers, including with respect to the COVID-19 pandemic;
• The potential impact of the recent decrease in commodity prices and volatility in commodity production volumes on Quanta's business, financial condition, results of operations and cash flows and demand for Quanta's services;
• Trends and economic and regulatory conditions in particular markets or industries;
• Projected or expected realization of remaining performance obligations and backlog;
• The potential benefits from acquisitions or investments;
• The expected financial and operational performance of acquired businesses;
• The future demand for and availability of labor resources in the industries Quanta serves;
• Future capital allocation initiatives, including the amount, timing and strategies with respect to any future stock repurchases or expectations regarding the declaration, amount and timing of any future cash dividends;
• The ability to deliver increased value or return capital to stockholders;
• The expected value of contracts or intended contracts with customers;
• The scope, services, term or results of any projects awarded or expected to be awarded to Quanta;
• The anticipated commencement and completion dates for any projects awarded;
• The development of and opportunities with respect to future projects, including renewable projects and larger electric transmission and pipeline projects;
• The impact of existing or potential legislation or regulation;
• Potential opportunities that may be indicated by bidding activity or discussions with customers;
• Possible recovery of pending or contemplated insurance claims, change orders and affirmative claims asserted against customers or third parties; and
• Other statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts.

Forward Looking Statements

• Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by known and unknown risks and uncertainties that are difficult to predict or beyond Quanta's control, including, among others:
• Market conditions;
• The effects of industry, economic, financial or political conditions outside of the control of Quanta, including weakness in capital markets or the ongoing and potential impact to financial markets and worldwide economic activity resulting from the COVID-19 pandemic and related governmental actions;
• Quarterly variations in operating results, liquidity, financial condition, cash flows, capital requirements, reinvestment opportunities or other financial results, including the ongoing and potential impact to Quanta's business, operations and supply chain of the COVID-19 pandemic and related governmental actions;
• The severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business and governmental responses to the pandemic (e.g., shelter-in-place and other mobility restrictions, business closures) on Quanta's operations, personnel and supply chain and on commercial activity and demand across Quanta's and Quanta's customers' businesses;
• Quanta's inability to predict the extent to which the COVID-19 pandemic and related impacts will adversely impact its business, financial performance, results of operations, financial position, the prices of its securities and the achievement of its strategic objectives, including with respect to governmental restrictions on its ability to operate, workforce availability, regulatory and permitting delays, and future demand for energy and the resulting impact on demand for Quanta's services;
• Trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards;
• The time and costs required to exit Quanta's Latin American operations and Quanta's ability to effect related transactions on acceptable terms, as well as the business and political climate in Latin America;
• Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, the COVID-19 pandemic, weather, regulatory or permitting issues (including the recent court ruling vacating the U.S. Army Corps of Engineers' Nationwide Permit 12), environmental processes, project performance issues, claimed force majeure events, protests or other political activity, reductions or eliminations in governmental funding, legal challenges or customer capital constraints;
• The effect of commodity prices and commodity production volumes on Quanta's operations and growth opportunities and on customer capital programs and demand for Quanta's services;
• The successful negotiation, execution, performance and completion of anticipated, pending and existing contracts;
• Risks associated with operational hazards that arise due to the nature of Quanta's services and the conditions in which Quanta operates, including, among others, wildfires and explosions;
• Unexpected costs or liabilities that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans (e.g., withdrawal liability) or other claims or actions asserted against Quanta, including those not covered by, or in excess of, third-party insurance;
• Reimbursement obligations associated with letters of credit or bonds;
• The outcome of pending or threatened legal proceedings;
• Potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums for coverage deemed beneficial to Quanta, or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates;
• Damage to our brand or reputation as a result of cyber-security or data privacy breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform a high-profile project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incident;
• Quanta's dependence on suppliers, subcontractors, equipment manufacturers and other third-party contractors, and the impact of the COVID-19 pandemic on these service providers;
• The ability to attract and the potential shortage of skilled labor;
• The ability to retain key personnel and qualified employees and the impact of the COVID-19 pandemic on the availability and performance of our workforce and key personnel;
• Quanta's dependence on fixed price contracts and the potential to incur losses with respect to these contracts;
• Estimates relating to our financial results, remaining performance obligations and backlog;
• Adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics (including the ongoing COVID-19 pandemic), hurricanes, tropical storms and floods;
• Quanta's ability to generate internal growth;
• Competition in Quanta's business, including the ability to effectively compete for new projects and market share;
• The future development of natural resources;
• The failure of existing or potential legislative actions to result in demand for Quanta's services;

Forward Looking Statements

• Fluctuations of prices of certain materials used in Quanta's or its customers' businesses, including as a result of the imposition of tariffs, governmental regulations affecting the sourcing of certain materials and equipment, or changes in U.S. trade relationships with other countries;
• Cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms;
• Loss of customers with whom Quanta has long-standing or significant relationships;
• The potential that participation in joint ventures or similar structures exposes Quanta to liability and/or harm to its reputation for acts or omissions by partners;
• Quanta's inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations;
• The inability or refusal of customers or third-party contractors to pay for services, including as a result of the COVID-19 pandemic or the recent decrease in commodity prices;
• Budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations;
• Estimates and assumptions in determining financial results, remaining performance obligations and backlog;
• Quanta's ability to successfully complete remaining performance obligations or realize backlog;
• Risks associated with operating in international markets, including instability of foreign governments, currency exchange fluctuations, and compliance with unfamiliar foreign legal systems and business practices, applicable anti-bribery and anti-corruption laws, complex tax regulations and international treaties;
• The ability to successfully identify, complete, integrate and realize synergies from acquisitions, including retention of key personnel;
• The potential adverse impact resulting from uncertainty surrounding investments and acquisitions, including the potential increase in risks already existing in Quanta's operations and poor performance or decline in value of Quanta's investments;
• The adverse impact of impairments of goodwill, receivables, property and equipment and other intangible assets or investments;
• Growth outpacing Quanta's decentralized management and infrastructure;
• Inability to enforce Quanta's intellectual property rights or the obsolescence of such rights;
• The impact of a unionized workforce on operations, including labor stoppages or interruptions due to strikes or lockouts;
• The ability to access sufficient funding to finance desired growth and operations, including our ability to access capital markets on favorable terms, as well as fluctuations in the price and volume of
  Quanta's common stock, debt covenant compliance, interest rate fluctuations and other factors affecting financing and investing activities;
• The ability to obtain performance bonds and other project security;
• The ability to meet certain regulatory requirements applicable to Quanta and its subsidiaries;
• Rapid technological and other structural changes that could reduce the demand for Quanta's services;
• Risks related to the implementation of new information technology systems;
• New or changed tax laws, treaties or regulations;
• Increased costs associated with regulatory changes, including labor costs or healthcare costs;
• Significant fluctuations in foreign currency exchange rates;
• Other risks and uncertainties detailed in Quanta's most recently filed Annual Report on Form 10-K, Quanta's recently filed Quarterly Reports on Form 10-Q and any other documents that Quanta files with the Securities and Exchange Commission (SEC).

For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through Quanta's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this presentation. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this presentation.