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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to .
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Commission file no. 001-13831
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Delaware
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74-2851603
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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o
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Emerging growth company
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o
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Page
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September 30,
2018 |
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December 31,
2017 |
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$
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$
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Accounts receivable, net of allowances of $6,662 and $4,465
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Contract assets
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Inventories
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Prepaid expenses and other current assets
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Total current assets
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Property and equipment, net of accumulated depreciation of $1,086,424 and $981,275
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Other assets, net
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Other intangible assets, net of accumulated amortization of $364,023 and $335,507
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Goodwill
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Total assets
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$
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$
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LIABILITIES AND EQUITY
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Current Liabilities:
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Current maturities of long-term debt and short-term debt
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$
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$
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Accounts payable and accrued expenses
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Contract liabilities
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Total current liabilities
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Long-term debt and notes payable, net of current maturities
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Deferred income taxes
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Insurance and other non-current liabilities
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Total liabilities
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Commitments and Contingencies
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Equity:
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Common stock, $.00001 par value, 600,000,000 shares authorized, 157,280,496 and 155,219,154 shares issued, and 148,720,481 and 153,342,326 shares outstanding
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Exchangeable shares, no par value, 486,112 shares issued and outstanding
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Series G Preferred Stock, $.00001 par value, 1 share authorized, issued and outstanding
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Additional paid-in capital
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Retained earnings
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Accumulated other comprehensive loss
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(
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)
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(
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)
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Treasury stock, 8,560,015 and 1,876,828 common shares
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(
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)
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(
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)
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Total stockholders’ equity
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Non-controlling interests
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Total equity
|
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Total liabilities and equity
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$
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|
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$
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Three Months Ended
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Nine Months Ended
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||||||||||||
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September 30,
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September 30,
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||||||||||||
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2018
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2017
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2018
|
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2017
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||||||||
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Revenues
|
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$
|
|
|
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$
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$
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$
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Cost of services (including depreciation)
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Gross profit
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Selling, general and administrative expenses
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||||
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Amortization of intangible assets
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||||
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Change in fair value of contingent consideration liabilities
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(
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)
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(
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)
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Operating income
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Interest expense
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(
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)
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(
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)
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(
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)
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(
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)
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Interest income
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Other income (expense), net
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(
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)
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(
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)
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(
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)
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(
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)
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||||
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Income before income taxes
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Provision for income taxes
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Net income
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Less: Net income attributable to non-controlling interests
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||||
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Net income attributable to common stock
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$
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$
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$
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$
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||||||||
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Earnings per share attributable to common stock:
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||||||||
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Basic
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$
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|
$
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$
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|
|
$
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|
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Diluted
|
|
$
|
|
|
|
$
|
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|
|
$
|
|
|
|
$
|
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||||||||
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Shares used in computing earnings per share:
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||||||||
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Weighted average basic shares outstanding
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||||
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Weighted average diluted shares outstanding
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||||
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Three Months Ended
|
|
Nine Months Ended
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||||||||||||
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|
September 30,
|
|
September 30,
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||||||||||||
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2018
|
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2017
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2018
|
|
2017
|
||||||||
|
Net income
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
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|
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|
Other comprehensive income (loss), net of tax provision:
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||||||||
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Foreign currency translation adjustment, net of tax of $0, $0, $0 and $0
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|
|
|
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|
|
(
|
)
|
|
|
|
||||
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Comprehensive income
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||||
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Less: Comprehensive income attributable to non-controlling interests
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||||
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Total comprehensive income attributable to Quanta stockholders
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|
$
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|
|
|
$
|
|
|
|
$
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|
|
$
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|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
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|
September 30,
|
|
September 30,
|
||||||||||||
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|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Cash Flows from Operating Activities:
|
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|
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||||||
|
Net income
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
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|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities—
|
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|
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|||||||
|
Depreciation
|
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|
|
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|
|
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|
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|
||||
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
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|
|
|
||||
|
Change in fair value of contingent consideration liabilities
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Equity in losses of unconsolidated affiliates
|
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|
|
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|
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|
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|
||||
|
Amortization of debt issuance costs
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|
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|
|
|
|
|
|
|
|
|
||||
|
(Gain) loss on sale of property and equipment
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Foreign currency (gain) loss
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Provision for doubtful accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deferred income tax (benefit) provision
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
||||
|
Non-cash stock-based compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Changes in operating assets and liabilities, net of non-cash transactions
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Net cash provided by operating activities
|
|
|
|
|
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|
|
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|
||||
|
Cash Flows from Investing Activities:
|
|
|
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|
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||||||
|
Capital expenditures
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Proceeds from sale of property and equipment
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|
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||||
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Proceeds from insurance settlements related to property and equipment
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||||
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Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired
|
|
(
|
)
|
|
(
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)
|
|
(
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)
|
|
(
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)
|
||||
|
Investments in unconsolidated affiliates
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Cash received from (paid for) other investments, net
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Cash paid for intangible assets
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Net cash used in investing activities
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Cash Flows from Financing Activities:
|
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|
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|
||||||
|
Borrowings under credit facility
|
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|
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|
|
||||
|
Payments under credit facility
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Payments on other long-term debt
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Net borrowings (repayments) of short-term debt
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
||||
|
Distributions to non-controlling interests
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Payments related to tax withholding for share-based compensation
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Exercise of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Repurchase of common stock
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Net cash provided by financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Net decrease in cash, cash equivalents and restricted cash
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
1.
|
|
|
|
|
2018
|
|
2017
|
|
Discount rates
|
|
20% to 27%
|
|
17% to 25%
|
|
Customer attrition rates
|
|
20% to 33%
|
|
15% to 78%
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
|
September 30, 2018
|
|
September 30, 2018
|
||||
|
By primary geographic location:
|
|
|
|
|
||||
|
United States
|
|
$
|
|
|
|
$
|
|
|
|
Canada
|
|
|
|
|
|
|
||
|
Australia
|
|
|
|
|
|
|
||
|
Latin America and Other
|
|
|
|
|
|
|
||
|
Total revenues
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
|
September 30, 2018
|
|
September 30, 2018
|
||||
|
By contract type:
|
|
|
|
|
||||
|
Unit-price contracts
|
|
$
|
|
|
|
$
|
|
|
|
Fixed price contracts
|
|
|
|
|
|
|
||
|
Cost-plus contracts
|
|
|
|
|
|
|
||
|
Total revenues
|
|
$
|
|
|
|
$
|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Contract assets
|
|
$
|
|
|
|
$
|
|
|
|
Contract liabilities
|
|
$
|
|
|
|
$
|
|
|
|
4.
|
|
|
|
|
2018
|
|
2017
|
||||||||
|
|
|
All Acquisitions
|
|
Stronghold
|
|
Other Acquisitions
|
||||||
|
Consideration:
|
|
|
|
|
|
|
||||||
|
Cash paid or payable
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Value of Quanta common stock issued
|
|
|
|
|
|
|
|
|
|
|||
|
Contingent consideration
|
|
|
|
|
|
|
|
|
|
|||
|
Fair value of total consideration transferred or estimated to be transferred
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Accounts receivable
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Contract assets
|
|
|
|
|
|
|
|
|
|
|||
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|||
|
Property and equipment
|
|
|
|
|
|
|
|
|
|
|||
|
Other assets
|
|
|
|
|
|
|
|
|
|
|||
|
Identifiable intangible assets
|
|
|
|
|
|
|
|
|
|
|||
|
Contract liabilities
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
|
Other current liabilities
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
|
Deferred tax liabilities, net
|
|
(
|
)
|
|
|
|
|
|
|
|||
|
Other long-term liabilities
|
|
|
|
|
(
|
)
|
|
|
|
|||
|
Total identifiable net assets
|
|
|
|
|
|
|
|
|
|
|||
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Estimated Fair Value
|
|
Weighted Average Amortization Period in Years
|
||
|
Customer relationships
|
|
$
|
|
|
|
|
|
Backlog
|
|
|
|
|
|
|
|
Trade names
|
|
|
|
|
|
|
|
Non-compete agreements
|
|
|
|
|
|
|
|
Curriculum
|
|
|
|
|
|
|
|
Total intangible assets subject to amortization acquired in 2018 acquisitions
|
|
$
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Revenues
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Gross profit
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Selling, general and administrative expenses
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Amortization of intangible assets
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Net income
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Net income attributable to common stock
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share attributable to common stock:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Diluted
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Electric Power Infrastructure Services
Division
|
|
Oil and Gas Infrastructure Services
Division
|
|
Total
|
||||||
|
Balance at December 31, 2017:
|
|
|
|
|
|
|
||||||
|
Goodwill
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Accumulated impairment
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
Goodwill recorded related to 2018 acquisitions
|
|
|
|
|
|
|
|
|
|
|||
|
Purchase price allocation adjustments
|
|
|
|
|
|
|
|
|
|
|||
|
Foreign currency translation adjustments
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
|
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2018:
|
|
|
|
|
|
|
||||||
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|||
|
Accumulated impairment
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
As of
|
|
As of
|
|
As of
|
||||||||||||||||||||
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
September 30, 2018
|
||||||||||||||||||||
|
|
|
Intangible
Assets
|
|
Accumulated
Amortization
|
|
Intangible
Assets, Net
|
|
Intangible
Assets
|
|
Accumulated
Amortization
|
|
Intangible
Assets, Net
|
|
Remaining Weighted Average Amortization Period in Years
|
||||||||||||
|
Customer relationships
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
|
Backlog
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
||||||
|
Trade names
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
||||||
|
Non-compete agreements
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
||||||
|
Patented rights and developed technology
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
||||||
|
Curriculum
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total intangible assets subject to amortization
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
||||||
|
Engineering license
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
||||||
|
Total intangible assets
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
|
For the Fiscal Year Ending December 31,
|
|
|
|
|
|
Remainder of 2018
|
|
$
|
|
|
|
2019
|
|
|
|
|
|
2020
|
|
|
|
|
|
2021
|
|
|
|
|
|
2022
|
|
|
|
|
|
Thereafter
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Amounts attributable to common stock:
|
|
|
|
|
|
|
|
|
||||||||
|
Net income attributable to common stock
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares outstanding for basic earnings per share attributable to common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Effect of dilutive unvested non-participating stock-based awards
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average shares outstanding for diluted earnings per share attributable to common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Borrowings under senior secured credit facility
|
|
$
|
|
|
|
$
|
|
|
|
Other long-term debt, interest rate of 2.4%
|
|
|
|
|
|
|
||
|
Capital leases, interest rates ranging from 2.5% to 3.8%
|
|
|
|
|
|
|
||
|
Total long-term debt obligations
|
|
|
|
|
|
|
||
|
Less — Current maturities of long-term debt
|
|
|
|
|
|
|
||
|
Total long-term debt obligations, net of current maturities
|
|
$
|
|
|
|
$
|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
Short-term debt
|
|
$
|
|
|
|
$
|
|
|
|
Current maturities of long-term debt
|
|
|
|
|
|
|
||
|
Current maturities of long-term debt and short-term debt
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Maximum amount outstanding under the credit facility during the period
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Average daily amount outstanding under the credit facility
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Weighted-average interest rate
|
|
|
%
|
|
|
%
|
|
|
%
|
|
|
%
|
||||
|
|
|
2018
|
|
2017
|
||
|
Valuation date stock price based on the February 28, 2018 and March 22, 2017 closing stock prices
|
|
$
|
|
$
|
||
|
Expected volatility
|
|
|
%
|
|
|
%
|
|
Risk-free interest rate
|
|
|
%
|
|
|
%
|
|
Term in years
|
|
|
|
|
|
|
|
|
|
Operating Leases
|
||
|
Year Ending December 31 —
|
|
|
|
|
|
Remainder of 2018
|
|
$
|
|
|
|
2019
|
|
|
|
|
|
2020
|
|
|
|
|
|
2021
|
|
|
|
|
|
2022
|
|
|
|
|
|
Thereafter
|
|
|
|
|
|
Total minimum lease payments
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Power Infrastructure Services
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Oil and Gas Infrastructure Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Consolidated
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Operating income (loss)
:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Power Infrastructure Services
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Oil and Gas Infrastructure Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Corporate and non-allocated costs
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Consolidated
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Depreciation:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Electric Power Infrastructure Services
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Oil and Gas Infrastructure Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Corporate and non-allocated costs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Consolidated
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Accounts and notes receivable
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Contract assets
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Inventories
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Accounts payable and accrued expenses and other non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Contract liabilities
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Other, net
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
||||
|
Net change in operating assets and liabilities, net of non-cash transactions
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
|
|
September 30,
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
Cash and cash equivalents
|
|
$
|
|
|
|
$
|
|
|
|
Restricted cash included in “Prepaid expenses and other current assets”
|
|
|
|
|
|
|
||
|
Restricted cash included in “Other assets, net”
|
|
|
|
|
|
|
||
|
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows
|
|
$
|
|
|
|
$
|
|
|
|
|
|
June 30,
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
Cash and cash equivalents
|
|
$
|
|
|
|
$
|
|
|
|
Restricted cash included in “Prepaid expenses and other current assets”
|
|
|
|
|
|
|
||
|
Restricted cash included in “Other assets, net”
|
|
|
|
|
|
|
||
|
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows
|
|
$
|
|
|
|
$
|
|
|
|
|
|
December 31,
|
||||||
|
|
|
2017
|
|
2016
|
||||
|
Cash and cash equivalents
|
|
|
|
|
$
|
|
|
|
|
Restricted cash included in “Prepaid expenses and other current assets”
|
|
|
|
|
|
|
||
|
Restricted cash included in “Other assets, net”
|
|
|
|
|
|
|
||
|
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Cash (paid) received during the period for —
|
|
|
|
|
|
|
|
|
||||||||
|
Interest paid
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Income taxes paid
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Income tax refunds
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
|
|
September 30, 2018
|
||||||
|
|
|
12 Month
|
|
Total
|
||||
|
Electric Power Infrastructure Services
|
|
|
|
|
||||
|
Remaining performance obligations
|
|
$
|
2,099,072
|
|
|
$
|
3,074,140
|
|
|
Estimated orders under MSAs and short-term, non-fixed price contracts
|
|
2,129,050
|
|
|
4,842,752
|
|
||
|
Backlog
|
|
4,228,122
|
|
|
7,916,892
|
|
||
|
|
|
|
|
|
||||
|
Oil and Gas Infrastructure Services
|
|
|
|
|
||||
|
Remaining performance obligations
|
|
2,034,165
|
|
|
2,217,898
|
|
||
|
Estimated orders under MSAs and short-term, non-fixed price contracts
|
|
1,221,918
|
|
|
2,080,157
|
|
||
|
Backlog
|
|
3,256,083
|
|
|
4,298,055
|
|
||
|
|
|
|
|
|
||||
|
Total
|
|
|
|
|
||||
|
Remaining performance obligations
|
|
4,133,237
|
|
|
5,292,038
|
|
||
|
Estimated orders under MSAs and short-term, non-fixed price contracts
|
|
3,350,968
|
|
|
6,922,909
|
|
||
|
Backlog
|
|
$
|
7,484,205
|
|
|
$
|
12,214,947
|
|
|
|
|
Backlog as of
|
|
Backlog as of
|
||||||||||||
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
|
12 Month
|
|
Total
|
|
12 Month
|
|
Total
|
||||||||
|
Electric Power Infrastructure Services
|
|
$
|
4,228,122
|
|
|
$
|
7,916,892
|
|
|
$
|
4,032,379
|
|
|
$
|
7,359,237
|
|
|
Oil and Gas Infrastructure Services
|
|
3,256,083
|
|
|
4,298,055
|
|
|
2,413,817
|
|
|
3,818,470
|
|
||||
|
Total backlog
|
|
$
|
7,484,205
|
|
|
$
|
12,214,947
|
|
|
$
|
6,446,196
|
|
|
$
|
11,177,707
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
Revenues
|
|
$
|
2,985,281
|
|
|
100.0
|
%
|
|
$
|
2,609,307
|
|
|
100.0
|
%
|
|
$
|
8,059,205
|
|
|
100.0
|
%
|
|
$
|
6,987,851
|
|
|
100.0
|
%
|
|
Cost of services (including depreciation)
|
|
2,559,451
|
|
|
85.7
|
|
|
2,258,676
|
|
|
86.6
|
|
|
6,998,956
|
|
|
86.8
|
|
|
6,068,867
|
|
|
86.8
|
|
||||
|
Gross profit
|
|
425,830
|
|
|
14.3
|
|
|
350,631
|
|
|
13.4
|
|
|
1,060,249
|
|
|
13.2
|
|
|
918,984
|
|
|
13.2
|
|
||||
|
Selling, general and administrative expenses
|
|
224,040
|
|
|
7.5
|
|
|
201,224
|
|
|
7.7
|
|
|
645,566
|
|
|
8.0
|
|
|
571,656
|
|
|
8.2
|
|
||||
|
Amortization of intangible assets
|
|
10,623
|
|
|
0.3
|
|
|
8,979
|
|
|
0.3
|
|
|
31,535
|
|
|
0.5
|
|
|
22,035
|
|
|
0.3
|
|
||||
|
Change in fair value of contingent consideration liabilities
|
|
(1,394
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,673
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
||||
|
Operating income
|
|
192,561
|
|
|
6.5
|
|
|
140,428
|
|
|
5.4
|
|
|
390,821
|
|
|
4.8
|
|
|
325,293
|
|
|
4.7
|
|
||||
|
Interest expense
|
|
(9,219
|
)
|
|
(0.4
|
)
|
|
(6,058
|
)
|
|
(0.2
|
)
|
|
(25,175
|
)
|
|
(0.2
|
)
|
|
(14,294
|
)
|
|
(0.2
|
)
|
||||
|
Interest income
|
|
322
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
1,128
|
|
|
—
|
|
|
647
|
|
|
—
|
|
||||
|
Other income (expense), net
|
|
(15,498
|
)
|
|
(0.5
|
)
|
|
(2,371
|
)
|
|
(0.1
|
)
|
|
(37,899
|
)
|
|
(0.5
|
)
|
|
(3,814
|
)
|
|
(0.1
|
)
|
||||
|
Income before income taxes
|
|
168,166
|
|
|
5.6
|
|
|
132,195
|
|
|
5.1
|
|
|
328,875
|
|
|
4.1
|
|
|
307,832
|
|
|
4.4
|
|
||||
|
Provision for income taxes
|
|
43,267
|
|
|
1.4
|
|
|
42,346
|
|
|
1.7
|
|
|
90,659
|
|
|
1.1
|
|
|
105,183
|
|
|
1.5
|
|
||||
|
Net income
|
|
124,899
|
|
|
4.2
|
|
|
89,849
|
|
|
3.4
|
|
|
238,216
|
|
|
3.0
|
|
|
202,649
|
|
|
2.9
|
|
||||
|
Less: Net income attributable to non-controlling interests
|
|
348
|
|
|
—
|
|
|
536
|
|
|
—
|
|
|
1,686
|
|
|
0.1
|
|
|
1,232
|
|
|
—
|
|
||||
|
Net income attributable to common stock
|
|
$
|
124,551
|
|
|
4.2
|
%
|
|
$
|
89,313
|
|
|
3.4
|
%
|
|
$
|
236,530
|
|
|
2.9
|
%
|
|
$
|
201,417
|
|
|
2.9
|
%
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
Revenues
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Electric Power Infrastructure Services
|
|
$
|
1,617,736
|
|
|
54.2
|
%
|
|
$
|
1,504,752
|
|
|
57.7
|
%
|
|
$
|
4,756,416
|
|
|
59.0
|
%
|
|
$
|
4,024,983
|
|
|
57.6
|
%
|
|
Oil and Gas Infrastructure Services
|
|
1,367,545
|
|
|
45.8
|
|
|
1,104,555
|
|
|
42.3
|
|
|
3,302,789
|
|
|
41.0
|
|
|
2,962,868
|
|
|
42.4
|
|
||||
|
Consolidated revenues from external customers
|
|
$
|
2,985,281
|
|
|
100.0
|
%
|
|
$
|
2,609,307
|
|
|
100.0
|
%
|
|
$
|
8,059,205
|
|
|
100.0
|
%
|
|
$
|
6,987,851
|
|
|
100.0
|
%
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Electric Power Infrastructure Services
|
|
$
|
179,181
|
|
|
11.1
|
%
|
|
$
|
150,054
|
|
|
10.0
|
%
|
|
$
|
466,087
|
|
|
9.8
|
%
|
|
$
|
362,769
|
|
|
9.0
|
%
|
|
Oil and Gas Infrastructure Services
|
|
96,067
|
|
|
7.0
|
|
|
58,508
|
|
|
5.3
|
|
|
149,953
|
|
|
4.5
|
%
|
|
165,076
|
|
|
5.6
|
|
||||
|
Corporate and non-allocated costs
|
|
(82,687
|
)
|
|
N/A
|
|
|
(68,134
|
)
|
|
N/A
|
|
|
(225,219
|
)
|
|
N/A
|
|
|
(202,552
|
)
|
|
N/A
|
|
||||
|
Consolidated operating income
|
|
$
|
192,561
|
|
|
6.5
|
%
|
|
$
|
140,428
|
|
|
5.4
|
%
|
|
$
|
390,821
|
|
|
4.8
|
%
|
|
$
|
325,293
|
|
|
4.7
|
%
|
|
|
|
Total
|
|
Remainder of 2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||||
|
Long-term debt - principal
(1)
|
|
$
|
954,165
|
|
|
$
|
39
|
|
|
$
|
1,609
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
952,517
|
|
|
$
|
—
|
|
|
Long-term debt - cash interest
(2)
|
|
16
|
|
|
10
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Short-term debt
(3)
|
|
20,344
|
|
|
20,344
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Operating lease obligations
|
|
342,440
|
|
|
36,728
|
|
|
108,640
|
|
|
73,024
|
|
|
48,174
|
|
|
28,395
|
|
|
47,479
|
|
|||||||
|
Capital lease obligations
(4)
|
|
1,188
|
|
|
203
|
|
|
752
|
|
|
118
|
|
|
115
|
|
|
—
|
|
|
—
|
|
|||||||
|
Equipment purchase commitments
|
|
31,541
|
|
|
30,209
|
|
|
1,332
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Capital commitment related to investments in unconsolidated affiliates
|
|
38,539
|
|
|
14,003
|
|
|
24,536
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Total
|
|
$
|
1,388,233
|
|
|
$
|
101,536
|
|
|
$
|
136,875
|
|
|
$
|
73,142
|
|
|
$
|
48,289
|
|
|
$
|
980,912
|
|
|
$
|
47,479
|
|
|
(1)
|
Amounts were recorded in our
September 30, 2018
condensed consolidated balance sheet and included
$952.5 million
of outstanding revolving loans under our senior secured credit facility, which bear interest at variable market rates. Assuming the principal amount outstanding at
September 30, 2018
remained outstanding and the interest rate in effect at
September 30, 2018
remained the same, the annual cash interest expense with respect to our senior secured credit facility would be approximately
$35.4 million
, payable for the remainder of the term of such credit facility, which matures in October 2022. Additionally, as of October 10, 2018, the effective date of the amendment to our senior secured credit facility, there were $992.5 million of outstanding borrowings under the credit agreement, which included $600.0 million borrowed under the new term loan facility and $392.5 million of outstanding revolving loans, all of which bear interest at variable market rates. Assuming the principal amount outstanding at October 10, 2018 remained outstanding and the interest rate in effect at October 10, 2018 remained the same, the annual cash interest expense with respect to our senior secured credit facility would be approximately
$36.0 million
, payable for the remainder of the term of such credit facility, which matures in October 2022. In addition, we are required to make quarterly amortization payments on the term borrowings of
$7.5 million
, which are due on the last business day of each March, June, September and December, beginning in December 2018. Such amortization payments are not included in the table above since they were not contractual obligations as of
September 30, 2018
.
|
|
(2)
|
Amounts relate to cash interest expense on our fixed-rate long-term debt, which excludes our senior secured credit facility.
|
|
(3)
|
Amounts were recorded in our
September 30, 2018
condensed consolidated balance sheet.
|
|
(4)
|
Principal amounts of capital lease obligations were recorded in our
September 30, 2018
condensed consolidated balance sheet.
|
|
•
|
Projected revenues, net income, earnings per share, margins, weighted average shares outstanding, capital expenditures, tax rates and other projections of operating or financial results;
|
|
•
|
Expectations regarding our business or financial outlook, growth, trends or opportunities in particular markets;
|
|
•
|
The expected value of contracts or intended contracts with customers;
|
|
•
|
Future capital allocation initiatives;
|
|
•
|
The scope, services, term and results of any projects awarded or expected to be awarded for services to be provided by us;
|
|
•
|
The development of larger electric transmission and oil and natural gas pipeline projects and the level of oil, natural gas and natural gas liquids prices and their impact on our business or demand for our services;
|
|
•
|
The impact of existing or potential legislation or regulation, including the Tax Act;
|
|
•
|
Potential opportunities that may be indicated by bidding activity or similar discussions with customers;
|
|
•
|
The future demand for and availability of labor resources in the industries we serve;
|
|
•
|
The expected realization of performance obligations or backlog;
|
|
•
|
The potential benefits from investments or acquisitions;
|
|
•
|
The expected outcome of pending or threatened litigation;
|
|
•
|
Beliefs and assumptions about the collectability of receivables;
|
|
•
|
The business plans or financial condition of our customers;
|
|
•
|
Our plans and strategies;
|
|
•
|
Possible recovery on pending or contemplated change orders or other claims against customers or third parties; and
|
|
•
|
The current economic and regulatory conditions and trends in the industries we serve.
|
|
•
|
Market conditions;
|
|
•
|
The effects of industry, economic, financial or political conditions outside our control, including weakness in the capital markets;
|
|
•
|
Quarterly variations in our operating results;
|
|
•
|
Trends and growth opportunities in relevant markets;
|
|
•
|
Delays, reductions in scope or cancellations of anticipated, pending or existing projects, including as a result of weather, regulatory or permitting issues, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges or our customers’ capital constraints;
|
|
•
|
The successful negotiation, execution, performance and completion of anticipated, pending and existing contracts, including the ability to obtain future project awards;
|
|
•
|
Our dependence on suppliers, subcontractors, equipment manufacturers and other third-party contractors;
|
|
•
|
Our ability to attract and the potential shortage of skilled employees and our ability to retain key personnel and qualified employees;
|
|
•
|
Our dependence on fixed price contracts and the potential to incur losses with respect to these contracts;
|
|
•
|
Estimates relating to revenue recognition;
|
|
•
|
Adverse weather conditions or events;
|
|
•
|
Our ability to generate internal growth;
|
|
•
|
Competition in our business, including our ability to effectively compete for new projects and market share;
|
|
•
|
The effect of natural gas, natural gas liquids and oil prices on our operations and growth opportunities and on our customers’ capital programs and demand for our services;
|
|
•
|
The future development of natural resources;
|
|
•
|
The failure of existing or potential legislative actions and initiatives to result in demand for our services;
|
|
•
|
Fluctuations of prices of certain materials used in our business, including any increase in prices as a result of the imposition of tariffs on such materials;
|
|
•
|
Unexpected costs or liabilities that may arise from pending or threatened litigation, indemnity obligations or other claims or actions asserted against us, including liabilities, costs, fines or penalties for which we are not covered by third-party insurance;
|
|
•
|
The outcome of pending or threatened litigation;
|
|
•
|
Risks relating to the potential unavailability or cancellation of third-party insurance, the exclusion of coverage for certain losses, and potential increases in premiums for coverage deemed beneficial to us;
|
|
•
|
Cancellation provisions within our contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms;
|
|
•
|
Loss of customers with whom we have long-standing or significant relationships;
|
|
•
|
The potential that participation in joint ventures or similar structures exposes us to liability and/or harm to our reputation for acts or omissions by our partners;
|
|
•
|
Our inability or failure to comply with the terms of our 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 our customers to pay for services, including failure to collect our outstanding receivables;
|
|
•
|
The failure to recover on payment claims against project owners or third-party contractors or to obtain adequate compensation for customer-requested change orders;
|
|
•
|
The failure of our customers to comply with regulatory requirements applicable to their projects, which may result in project delays and cancellations;
|
|
•
|
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 our financial results, remaining performance obligations and backlog;
|
|
•
|
Our ability to successfully complete our performance obligations or realize our backlog;
|
|
•
|
Risks associated with operating in international markets, including instability of foreign governments, currency fluctuations, tax and investment strategies, as well as compliance with foreign legal systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws;
|
|
•
|
Our ability to successfully identify, complete, integrate and realize synergies from acquisitions;
|
|
•
|
The potential adverse impact resulting from uncertainty surrounding acquisitions and investments, including the ability to retain key personnel from acquired businesses, the potential increase in risks already existing in our operations and poor performance or decline in value of our investments in infrastructure assets;
|
|
•
|
The adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments;
|
|
•
|
Our growth outpacing our decentralized management and infrastructure;
|
|
•
|
Requirements relating to governmental regulation and changes thereto;
|
|
•
|
Inability to enforce our intellectual property rights or the obsolescence of such rights;
|
|
•
|
Risks related to the implementation of new information technology solutions;
|
|
•
|
The impact of our unionized workforce on our operations, including labor stoppages or interruptions due to strikes or lockouts;
|
|
•
|
Potential liabilities and other adverse effects arising from cybersecurity, environmental and occupational health and safety matters;
|
|
•
|
The cost of borrowing, availability of cash and credit, fluctuations in the price and volume of our common stock, debt covenant compliance, interest rate fluctuations and other factors affecting our financing and investing activities;
|
|
•
|
The ability to access sufficient funding to finance desired growth and operations;
|
|
•
|
Our ability to obtain performance bonds;
|
|
•
|
Our ability to meet the regulatory requirements applicable to us and our subsidiaries, including the Sarbanes-Oxley Act of 2002;
|
|
•
|
Rapid technological and other structural changes that could reduce the demand for our services;
|
|
•
|
New or changed tax laws, treaties or regulations;
|
|
•
|
Legislative or regulatory changes that result in increased costs, including with respect to labor and healthcare costs;
|
|
•
|
Significant fluctuations in foreign currency exchange rates; and
|
|
•
|
The other risks and uncertainties described elsewhere herein and in Item 1A.
Risk Factors
of Part I of our
2017
Annual Report and as may be detailed from time to time in our other public filings with the SEC.
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk.
|
|
Item 4.
|
Controls and Procedures.
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
Period
|
|
Total Number of Shares Purchased
(1)(2)
|
|
Average Price Paid per Share
|
|
Total Number
of Shares Purchased
as Part of Publicly
Announced Plans or Programs
|
|
Maximum
Number (or Approximate
Dollar Value) of Shares
that may yet be
Purchased Under
the Plans or Programs
(1)
|
||||||
|
July 1-31, 2018
|
|
|
|
|
|
|
|
|
||||||
|
Open Market Stock Repurchases
(1)
|
|
298,417
|
|
|
$
|
33.53
|
|
|
298,417
|
|
|
$
|
46,086,742
|
|
|
Tax Withholdings
(2)
|
|
7,830
|
|
|
$
|
33.40
|
|
|
—
|
|
|
|
||
|
August 1-31, 2018
|
|
|
|
|
|
|
|
|
||||||
|
Open Market Stock Repurchases
(1)
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
46,086,742
|
|
|
Tax Withholdings
(2)
|
|
5,671
|
|
|
$
|
33.99
|
|
|
—
|
|
|
|
||
|
September 1-30, 2018
|
|
|
|
|
|
|
|
|
||||||
|
Open Market Stock Repurchases
(1)
|
|
402,211
|
|
|
$
|
34.17
|
|
|
402,211
|
|
|
$
|
532,342,135
|
|
|
Total
|
|
714,129
|
|
|
|
|
700,628
|
|
|
$
|
532,342,135
|
|
||
|
(1)
|
Includes shares repurchased as of the trade date of such repurchases. On May 25, 2017, we issued a press release announcing that our board of directors approved a stock repurchase program that authorized us to purchase, from time to time through June 30, 2020, up to $300.0 million of our outstanding common stock (the 2017 Repurchase Program). Additionally, on September 4, 2018, we issued a press release announcing that our board of directors approved a stock repurchase program that authorizes us to purchase, from time to time through June 30, 2021, up to $500.0 million of our outstanding common stock (the 2018 Repurchase Program). Repurchases under these programs can be made in open market and privately negotiated transactions, at our discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. These programs do not obligate us to acquire any specific amount of common stock and may be modified or terminated by our board of directors at any time at its sole discretion and without notice. As of
September 30, 2018
, we had repurchased
7.6 million
shares of our common stock under the 2017 Repurchase Program at a cost of
$267.7 million
, and therefore
$500.0 million
remained under the 2018 Repurchase Program and
$32.3 million
remained authorized for repurchase under the 2017 Repurchase Program. During October 2018, we repurchased an additional
2.7 million
shares of our common stock in the open market at a cost of
$86.3 million
under these programs and completed the 2017 Repurchase Program.
|
|
(2)
|
Includes shares purchased from employees to satisfy tax withholding obligations in connection with the vesting of restricted stock unit and performance unit awards or the settlement of previously vested but deferred restricted stock unit awards.
|
|
Item 6.
|
Exhibits.
|
|
Exhibit
No.
|
|
Description
|
||
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
31.1
|
|
*
|
|
|
|
31.2
|
|
*
|
|
|
|
32.1
|
|
*
|
|
|
|
101.INS
|
|
*
|
|
XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
101.SCH
|
|
*
|
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
|
*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
|
*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
|
*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
|
*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
*
|
Filed or furnished herewith
|
|
|
By:
|
/s/ JERRY K. LEMON
|
|
|
|
Jerry K. Lemon
Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|