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

2015 2016 2017 2018 2019 2019 Reconciliation of adjusted net income from continuing operations attributable to common stock: Net income from continuing operations attributable to common stock (GAAP as reported) 120,286 $ 198,725 $ 314,978 $ 293,346 $ 367,400 $ 385,300 $ Adjustments: Asset impairment charges 58,451 7,964 59,950 52,658

• Severance and restructuring charges
• 6,352
• 1,326
• Acquisition and integration costs

7,966 3,053 10,579 17,233 20,500 20,500 Bargain purchase gain

• (3,100)

(3,100) 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
• (20,488)

(7,223) (8,049) (4,500) (4,500) Change in fair value of contingent consideration liabilities

• (5,171)

(11,248) 8,100 8,100 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

• (2,500)

(2,500) Impact of favorable tax settlement, net of reduction of related indemnification asset

• (900)

(900) Income tax impact of adjustments (16,186) (3,982) (24,197) (18,649) (7,600) (7,600) Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments 171,271 191,624 260,563 361,526 377,400 395,300 Non-cash stock based compensation 36,939 41,134 46,448 52,484 56,000 56,000 Amortization of intangible assets 34,848 31,685 32,205 43,994 62,200 62,200 Income tax impact of non-cash adjustments (25,817) (26,183) (28,877) (25,219) (30,800) (30,800) Adjusted net income from continuing operations attributable to common stock 217,241 $ 238,260 $ 310,339 $ 432,785 $ 464,800 $ 482,700 $ Weighted average shares: Weighted average shares outstanding for diluted earnings per share 195,120 157,288 157,155 154,226 147,300 147,300 Weighted average shares outstanding for adjusted diluted earnings per share 195,120 157,288 157,155 154,226 147,300 147,300 Diluted earnings per share from continuing operations attributable to common stock and adjusted diluted earnings per share from continuing

• perations attributable to common stock:

Diluted earnings per share from continuing operations attributable to common stock 0.62 $ 1.26 $ 2.00 $ 1.90 $ 2.49 $ 2.62 $ Adjusted diluted earnings per share from continuing operations attributable to common stock 1.11 $ 1.51 $ 1.97 $ 2.81 $ 3.16 $ 3.28 $ Estimated Guidance Range For the Years Ended December 31, (in thousands, except per share information) (Unaudited) As of October 31, 2019

2015 2016 2017 2018 2019 2019 Net income attributable to common stock (as defined by GAAP) 120,286 $ 198,725 $ 314,978 $ 293,346 $ 367,400 $ 385,300 $ Interest expense 8,024 14,887 20,946 36,945 65,000 66,000 Interest income (1,493) (2,423) (832) (1,555)

• Provision for income taxes

97,472 107,246 35,532 161,659 174,000 183,000 Amortization of intangible assets 34,848 31,685 32,205 43,994 62,200 62,200 Equity in (earnings) losses of unconsolidated affiliates 466 979 10,945 52,867 (65,500) (65,500) Depreciation expense 162,845 170,240 183,808 202,519 215,500 215,500 EBITDA 422,448 $ 521,339 $ 597,582 $ 789,775 $ 818,600 $ 846,500 $ Non-cash stock-based compensation 36,939 41,134 46,448 52,484 56,000 56,000 Acquisition and integration costs 7,966 3,053 10,579 17,233 20,500 20,500 Asset impairment charges 58,451 7,964 59,950 52,658

• Bargain purchase gain
• (3,100)

(3,100) Change in fair value of contingent consideration liabilities

• (5,171)

(11,248) 8,100 8,100 Severance and restructuring charges

• 6,352
• 1,326
• Reduction of indemnification asset
• 4,000

4,000 Adjusted EBITDA 525,804 $ 579,842 $ 709,388 $ 902,228 $ 904,100 $ 932,000 $ Consolidated Revenues $7,572,436 $7,651,319 $9,466,478 $11,171,423 $12,000,000 $12,000,000 Adjusted EBITDA Margin 6.9% 7.6% 7.5% 8.1% 7.5% 7.8% (Unaudited) Estimated Guidance Range As of October 31, 2019