Detail of Certain Accounts

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

14. DETAIL OF CERTAIN ACCOUNTS:

Cash and Cash Equivalents

As of September 30, 2025 and December 31, 2024, cash equivalents were $360.0 million and $347.5 million and consisted primarily of money market investments, money market mutual funds and short-term deposits.

Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company

are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents held by domestic joint ventures	$	43,774	$	71,646
Cash and cash equivalents held by foreign joint ventures	10,035		10,088
Total cash and cash equivalents held by joint ventures	53,809		81,734
Cash and cash equivalents held by captive insurance company	24,412		19,445
Cash and cash equivalents not held by joint ventures or captive insurance company	532,166		640,781
Total cash and cash equivalents	$	610,387	$	741,960

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid expenses	$	450,269	$	268,093
Other current assets	154,918		201,245
Prepaid expenses and other current assets	$	605,187	$	469,338

As of September 30, 2025 and December 31, 2024, prepaid expenses primarily include prepaid job costs, prepaid insurance expense and prepaid software expense.

Other Intangible Assets

Quanta’s identifiable intangible assets were as follows (in thousands):


	September 30, 2025		December 31, 2024
Customer relationships	$	2,990,138	$	2,405,606
Backlog	534,486		442,459
Trade names	697,210		569,307
Non-compete agreements	81,092		61,589
Patented rights, developed technology, process certifications and other	35,376		35,317
Curriculum	16,502		15,618
Other intangible assets subject to amortization	4,354,804		3,529,896
Accumulated amortization	(2,033,224)		(1,672,359)
Other intangible assets subject to amortization, net	2,321,580		1,857,537
Engineering license	3,000		3,000
Other intangible assets, net	$	2,324,580	$	1,860,537

Property and Equipment

Accumulated depreciation related to property and equipment was $2.17 billion and $1.96 billion as of September 30, 2025 and December 31, 2024. In addition, Quanta held property and equipment, net of $188.4 million and $177.9 million in foreign countries, primarily Canada, as of September 30, 2025 and December 31, 2024.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accounts payable, trade	$	2,783,415	$	2,096,125
Accrued compensation and related expenses	845,180		651,893
Other accrued expenses	765,591		974,325
Accounts payable and accrued expenses	$	4,394,186	$	3,722,343

As of September 30, 2025, other accrued expenses primarily include the current portion of accrued insurance liabilities as further described in Note 13, unearned revenues and income and franchise taxes payable. As of December 31, 2024, other accrued expenses primarily include these same items as well as contingent consideration as further described in Note 5.