Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Business Acquisition Purchase Price Allocation Assets Acquired and Liabilities Assumed

This allocation requires a significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared (in thousands).


	2016			2015
Consideration:
Value of Quanta common stock issued	$	1,508		$	10,127
Cash paid or payable		75,941			110,578
Contingent consideration		18,683			1,001

Fair value of total consideration transferred or estimated to be transferred	$	96,132		$	121,706

Current assets	$	24,233		$	35,188
Property and equipment		44,863			44,140
Other assets		2,553			4
Identifiable intangible assets		11,467			24,987
Current liabilities		(12,477	)		(24,633	)
Deferred tax liabilities, net		(13,791	)		(5,056	)
Other long-term liabilities		(5,326	)		(5,606	)
Non-controlling interests		—			747

Total identifiable net assets		51,522			69,771
Goodwill		44,610			51,935

	$	96,132		$	121,706

Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization

The following table summarizes the estimated fair values of identifiable intangible assets for the 2016 acquisitions as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).


	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date in Years
Customer relationships	$	5,645		3.8
Backlog		2,085		2.1
Trade names		3,255		15.0
Non-compete agreements		482		5.0

Total intangible assets subject to amortization acquired in 2016 acquisitions	$	11,467		6.7

Unaudited Supplemental Pro Forma Results of Operations

Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Revenues	$	2,042,186	$	1,981,430	$	5,574,327	$	5,812,597
Gross profit	$	302,582	$	241,666	$	709,820	$	725,969
Selling, general and administrative expenses	$	164,325	$	149,662	$	482,226	$	455,755
Amortization of intangible assets	$	8,094	$	9,583	$	24,312	$	30,173
Net income from continuing operations	$	73,547	$	46,525	$	111,164	$	137,181
Net income from continuing operations attributable to common stock	$	73,137	$	43,957	$	110,224	$	126,456
Earnings per share from continuing operations attributable to common stock — basic and diluted	$	0.47	$	0.23	$	0.70	$	0.61