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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Aggregate Consideration Paid or Payable and Allocation of 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 December 31, 2024 for acquisitions completed in the year ended December 31, 2024 and 2023 (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023
|  | CEI |  | All Others |  |
Consideration: |  |  |  |  |  |
Cash paid or payable |  | $ | 1,654,967 |  |  | $ | 540,064 |  |  | $ | 780,773 |
Value of Quanta common stock issued |  | 216,264 |  |  | 74,797 |  |  | 158,922 |
Contingent consideration |  | 163,999 |  |  | 24,266 |  |  | — |
Fair value of total consideration transferred or estimated to be transferred |  | $ | 2,035,230 |  |  | $ | 639,127 |  |  | $ | 939,695 |
Cash and cash equivalents |  | $ | 414,705 |  |  | $ | 31,403 |  |  | $ | 123,891 |
Accounts receivable |  | 339,254 |  |  | 73,390 |  |  | 92,817 |
Contract assets |  | 92,160 |  |  | 8,995 |  |  | 17,200 |
Inventories |  | — |  |  | 46,345 |  |  | 74,872 |
Prepaid expenses and other current assets |  | 23,233 |  |  | 12,455 |  |  | 5,830 |
Property and equipment |  | 32,207 |  |  | 92,214 |  |  | 200,738 |
Operating lease right-of-use assets |  | 28,906 |  |  | 25,429 |  |  | 16,264 |
Other assets |  | 35,713 |  |  | 617 |  |  | 4,553 |
Other intangible assets |  | 669,000 |  |  | 211,042 |  |  | 192,915 |
Current portion of operating lease liabilities |  | (10,665) |  |  | (4,907) |  |  | (3,080) |
Accounts payable and accrued expenses |  | (315,435) |  |  | (75,800) |  |  | (88,227) |
Contract liabilities |  | (222,538) |  |  | (28,434) |  |  | (102,752) |
Operating lease liabilities, net of current portion |  | (19,449) |  |  | (20,522) |  |  | (13,790) |
Deferred income taxes |  | (9,385) |  |  | (48,646) |  |  | (21,489) |
Insurance and other non-current liabilities |  | (10,300) |  |  | (9,744) |  |  | (2,682) |
Total identifiable net assets |  | 1,047,406 |  |  | 313,837 |  |  | 497,060 |
Goodwill |  | 987,824 |  |  | 325,290 |  |  | 442,635 |
Fair value of net assets acquired |  | $ | 2,035,230 |  |  | $ | 639,127 |  |  | $ | 939,695 |
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 2024 and 2023 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).
|  | Year Ended December 31,
|  | 2024 |  | 2023
|  | CEI |  | All Others |  |  |  |
|  | Estimated Fair Value |  | Amortization Period in Years |  | Estimated Fair Value |  | Weighted Average Amortization Period in Years |  | Estimated Fair Value |  | Weighted Average Amortization Period in Years
Customer relationships |  | $ | 404,000 |  |  | 8.0 |  | $ | 163,355 |  |  | 7.1 |  | $ | 109,680 |  |  | 5.0
Backlog |  | 90,000 |  |  | 3.0 |  | 21,425 |  |  | 2.8 |  | 53,764 |  |  | 2.0
Trade names |  | 175,000 |  |  | 15.0 |  | 20,542 |  |  | 14.9 |  | 22,497 |  |  | 15.0
Non-compete agreements |  | — |  |  | N/A |  | 3,444 |  |  | 5.0 |  | 6,974 |  |  | 5.0
Patented rights, developed technology, process certifications and other |  | — |  |  | N/A |  | 2,276 |  |  | 15.0 |  | — |  |  | N/A
Total intangible assets subject to amortization |  | $ | 669,000 |  |  | 9.2 |  | $ | 211,042 |  |  | 7.4 |  | $ | 192,915 |  |  | 5.3
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets | The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationships intangible assets for businesses acquired during the year ended December 31, 2024 and 2023 as of the respective acquisition dates:
|  | Year Ended December 31,
|  | 2024 |  |  | 2023
|  | Range |  | Weighted Average |  |  | Range |  | Weighted Average
Discount rates |  | 15% to 24% |  | 15% |  |  | 14% to 19% |  | 17%
Customer attrition rates |  | 10% to 25% |  | 11% |  |  | 10% to 30% |  | 19%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities | The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to December 31, 2024 and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
|  | December 31, 2024 |  | December 31, 2023
Accounts payable and accrued expenses |  | $ | 152,030 |  |  | $ | — |
Insurance and other non-current liabilities |  | 192,954 |  |  | 157,073 |
Total contingent consideration liabilities |  | $ | 344,984 |  |  | $ | 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 2024, 2023 and 2022, 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).
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Revenues |  | $ | 24,867,769 |  |  | $ | 23,403,024 |  |  | $ | 17,702,495 |
Net income attributable to common stock (1) |  | $ | 527,522 |  |  | $ | 638,973 |  |  | $ | 486,342 |
(1) The pro forma combined results of operations for the years ended December 31, 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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