Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Aggregate Consideration Paid or Payable and Allocation of Amounts to the Net Tangible and Identifiable Intangible Assets

The following table summarizes the aggregate consideration paid or payable as of September 30, 2017 for the 2017 acquisitions and 2016 acquisitions and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective acquisition dates, inclusive of any purchase price adjustments. 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).



	2017						2016
	Stronghold			Other Acquisitions			All Acquisitions
Consideration:
Cash paid or payable	$	360,009		$	11,904		$	75,941
Value of Quanta common stock issued	81,337			8,267			1,508
Contingent consideration	51,084			—			18,683
Fair value of total consideration transferred or estimated to be transferred	$	492,430		$	20,171		$	96,132

Accounts receivable	$	77,478		$	7,157		$	14,414
Costs and estimated earnings in excess of billings on uncompleted contracts	22,496			193			1,237
Other current assets	20,914			170			8,582
Property and equipment	51,258			1,480			44,863
Other assets	1,513			12			2,553
Identifiable intangible assets	95,700			8,091			11,467
Current liabilities	(82,418		)	(2,798		)	(12,097		)
Deferred tax liabilities, net	—			—			(13,484		)
Other long-term liabilities	(48		)	—			(5,326		)
Total identifiable net assets	186,893			14,305			52,209
Goodwill	305,537			5,866			43,923
	$	492,430		$	20,171		$	96,132

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 2017 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		Weighted Average
	Fair Value at		Amortization Period in Years
	Acquisition Dates		at Acquisition Dates
Customer relationships	$	76,213	6.8
Backlog	333		2.0
Trade names	18,815		15.0
Non-compete agreements	8,430		5.0
Total intangible assets subject to amortization acquired in 2017 acquisitions	$	103,791	8.1

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				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Revenues	$	2,631,137	$	2,174,123	$	7,234,193	$	5,970,857
Gross profit	$	355,830	$	331,409	$	978,446	$	796,989
Selling, general and administrative expenses	$	205,025	$	184,014	$	614,819	$	541,328
Amortization of intangible assets	$	10,022	$	11,576	$	29,926	$	34,696
Net income from continuing operations	$	89,839	$	75,866	$	205,344	$	118,853
Net income from continuing operations attributable to common stock	$	89,303	$	75,456	$	204,112	$	117,913

Earnings per share from continuing operations:
Basic	$	0.56	$	0.48	$	1.29	$	0.73
Diluted	$	0.56	$	0.48	$	1.28	$	0.73