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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 for acquisitions completed in the three months ended March 31, 2025 (in thousands):
| March 31, 2025
Consideration: |  |
Cash paid or payable |  | $ | 389,373 |
Value of Quanta common stock issued |  | 161,554 |
Contingent consideration |  | 38,342 |
Fair value of total consideration transferred or estimated to be transferred |  | $ | 589,269 |
Cash and cash equivalents |  | $ | 13,165 |
Accounts receivable |  | 96,844 |
Contract assets |  | 2,120 |
Prepaid expenses and other current assets |  | 6,746 |
Property and equipment |  | 70,069 |
Other assets |  | 1,584 |
Other intangible assets |  | 207,389 |
Accounts payable and accrued expenses |  | (43,867) |
Contract liabilities |  | (6,451) |
Other non-current liabilities |  | (997) |
Deferred income taxes |  | (1,162) |
Total identifiable net assets |  | 345,440 |
Goodwill |  | 243,829 |
Fair value of net assets acquired |  | $ | 589,269 |
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 three months ended March 31, 2025 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).
|  | Three Months Ended March 31, 2025
|  | Estimated Fair Value |  | Weighted Average Amortization Period in Years
Customer relationships |  | $ | 180,999 |  |  | 6.0
Backlog |  | 6,885 |  |  | 1.5
Trade names |  | 19,226 |  |  | 15.0
Non-compete agreements |  | 279 |  |  | 5.0
Total intangible assets subject to amortization |  | $ | 207,389 |  |  | 6.7
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 relationships intangible assets for businesses acquired during the three months ended March 31, 2025 as of the respective acquisition dates:
|  | Three Months Ended |  |  |  |
|  | March 31, 2025 |  |  |  |
|  | Range |  | Weighted Average |  |  |  |
Discount rates |  | 18% to 20% |  | 20% |  |  |  |
Customer attrition rates |  | 15% to 30% |  | 15% |  |  |  |
Summary of Contingent Consideration Liabilities | The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to March 31, 2025 and their classification in the accompanying condensed consolidated balance sheets is as follows (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Accounts payable and accrued expenses |  | $ | 151,255 |  |  | $ | 152,030 |
Insurance and other non-current liabilities |  | 236,336 |  |  | 192,954 |
Total contingent consideration liabilities |  | $ | 387,591 |  |  | $ | 344,984 |
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 three months ended March 31, 2025 and the year ended December 31, 2024, 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 |  |
|  | March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Revenues |  | $ | 6,234,238 |  |  | $ | 5,676,986 |  |  |  |  |
Net income attributable to common stock |  | $ | 144,245 |  |  | $ | 107,871 |  |  |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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