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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Aggregate Consideration Paid or Payable and Allocation Net Assets

The following table summarizes the estimated fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of their respective acquisition dates as of September 30, 2024 for acquisitions completed in the nine months ended September 30, 2024 (in thousands):

						September 30, 2024
						CEI						All Others
Consideration:
Cash paid or payable						$	1,655,373					$	537,795
Value of Quanta common stock issued						216,264						74,797
Contingent consideration						96,086						29,166
Fair value of total consideration transferred or estimated to be transferred						$	1,967,723					$	641,758
Cash and cash equivalents						$	414,705					$	30,797
Accounts receivable						339,254						74,188
Contract assets						89,090						162
Inventories						—						49,806
Prepaid expenses and other current assets						29,997						12,432
Property and equipment						32,338						90,535
Operating lease right-of-use assets						33,032						25,429
Other assets						38,785						617
Identifiable intangible assets						656,000						213,573
Current maturities of long-term debt						(1,880)						(4,534)
Current portion of operating lease liabilities						(11,752)						(4,908)
Accounts payable and accrued liabilities						(311,469)						(68,832)
Contract liabilities						(222,538)						(34,454)
Long-term debt, net of current maturities						(3,719)						(4,436)
Operating lease liabilities, net of current portion						(21,101)						(20,522)
Deferred income taxes						(15,606)						(48,869)
Insurance and other non-current liabilities						(6,740)						(397)
Total identifiable net assets						1,038,396						310,587
Goodwill						929,327						331,171
Fair value of net assets acquired						$	1,967,723					$	641,758

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 acquisitions completed in the nine months ended September 30, 2024 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).    

						Nine Months Ended September 30, 2024
						CEI												All Others
						Estimated Fair Value						Amortization Period in Years						Estimated Fair Value						Weighted Average Amortization Period in Years
Customer relationships						$	396,000					8.0						$	167,486					7.0
Backlog						90,000						3.3						20,125						2.8
Trade names						170,000						15.0						20,242						14.9
Non-compete agreements						—						N/A						3,444						5.0
Patented rights, developed technology, process certifications and other						—						N/A						2,276						15.0
Total intangible assets subject to amortization						$	656,000					9.2						$	213,573					7.4

Discount Rates and Customer Attrition Rates

The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the nine months ended September 30, 2024 as of the respective acquisition dates:

Nine Months Ended

September 30, 2024

Range

Weighted Average

Discount rates

15% to 24%

15%

Customer attrition rates

10% to 25%

11%

Summary of Contingent Consideration Liabilities

The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to September 30, 2024 and their classification in the accompanying consolidated balance sheets is as follows (in thousands):

						September 30, 2024						December 31, 2023
Accounts payable and accrued expenses						$	157,843					$	—
Insurance and other non-current liabilities						120,427						157,073
Total contingent consideration liabilities						$	278,270					$	157,073

Unaudited Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the nine months ended September 30, 2024 and the year ended December 31, 2023, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).

						Three Months Ended												Nine Months Ended
						September 30,												September 30,
						2024						2023						2024						2023
Revenues						$	6,595,666					$	6,255,046					$	18,310,917					$	17,004,381
Net (loss) income attributable to common stock (1)						$	(45,595)					$	249,828					$	221,476					$	447,407

(1) The pro forma combined results of operations for the three and nine months ended September 30, 2024 include one-time acquisition-related expenses of $453.8 million ($335.8 million net of tax) for pre-acquisition transaction costs incurred by CEI, primarily related to the vesting and increase in value of stock appreciation rights as a result of the acquisition.

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