Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

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 December 31, 2018 for the 2018 acquisitions and 2017 acquisitions and presents the allocation of these amounts to net tangible and identifiable intangible assets based on their estimated fair values as of the respective acquisition dates, inclusive of any purchase price adjustments. These allocations require significant use of estimates and are based on information that was available to management at the time these consolidated financial statements were prepared. Quanta uses a variety of information to estimate fair values, including quoted market prices, carrying amounts and valuation techniques such as discounted cash flows. When deemed appropriate, third-party appraisal firms are engaged to assist in fair value determination of fixed assets, intangible assets and certain other assets and liabilities (in thousands).



	2018			2017
	All Acquisitions			Stronghold			Other Acquisitions
Consideration:
Cash paid or payable	$	106,804		$	351,014		$	11,955
Value of Quanta common stock issued	22,882			81,337			8,267
Contingent consideration	16,471			51,084			—
Fair value of total consideration transferred or estimated to be transferred	$	146,157		$	483,435		$	20,222

Accounts receivable	$	18,405		$	77,478		$	7,157
Contract assets	1,905			11,913			193
Other current assets	8,484			20,914			170
Property and equipment	23,674			51,258			1,480
Other assets	576			1,513			12
Identifiable intangible assets	52,364			95,700			8,091
Contract liabilities	(175		)	(13,489		)	(93		)
Other current liabilities	(11,205		)	(58,346		)	(2,705		)
Deferred tax liabilities, net	(4,208		)	—			—
Other long-term liabilities	—			(48		)	—
Total identifiable net assets	89,820			186,893			14,305
Goodwill	56,337			296,542			5,917
	$	146,157		$	483,435		$	20,222

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 2018 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		Amortization Period in Years
Customer relationships	$	30,767	5.3
Backlog	2,158		1.0
Trade names	7,689		15.0
Non-compete agreements	2,750		5.0
Curriculum	$	9,000	10.0
Total intangible assets subject to amortization acquired in 2018 acquisitions	$	52,364	7.4

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):



	Year Ended December 31,
	2018		2017		2016
Revenues	$	11,238,475	$	9,848,386	$	8,183,104
Gross profit	$	1,506,125	$	1,356,515	$	1,129,661
Selling, general and administrative expenses	$	865,452	$	842,996	$	734,900
Amortization of intangible assets	$	49,262	$	49,918	$	46,579
Net income from continuing operations	$	304,565	$	333,386	$	207,956
Net income from continuing operations attributable to common stock	$	301,904	$	330,139	$	206,241

Earnings per share from continuing operations:
Basic	$	1.97	$	2.08	$	1.29
Diluted	$	1.95	$	2.07	$	1.29