Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Aggregate Consideration Paid or Payable and Allocation of Amounts to the Net Tangible and Identifiable Intangible Assets

This allocation requires a significant use of estimates and is 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 values and valuation techniques such as discounted cash flows. Third-party appraisal firms are engaged to assist in fair value determination of fixed assets, intangible assets and certain other assets and liabilities when appropriate (in thousands).



	2017						2016
	Stronghold			Other Acquisitions			All Acquisitions
Consideration:
Cash paid or payable	$	351,014		$	11,904		$	75,941
Value of Quanta common stock issued	81,337			8,267			1,508
Contingent consideration	51,084			—			18,683
Fair value of total consideration transferred or estimated to be transferred	$	483,435		$	20,171		$	96,132

Accounts receivable	$	77,478		$	7,157		$	14,414
Costs and estimated earnings in excess of billings on uncompleted contracts	11,913			193			1,237
Other current assets	20,914			170			8,582
Property and equipment	51,258			1,480			44,863
Other assets	1,513			12			2,553
Identifiable intangible assets	95,700			8,091			11,467
Current liabilities	(71,835		)	(2,798		)	(12,097		)
Deferred tax liabilities, net	—			—			(13,484		)
Other long-term liabilities	(48		)	—			(5,326		)
Total identifiable net assets	186,893			14,305			52,209
Goodwill	296,542			5,866			43,923
	$	483,435		$	20,171		$	96,132

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 2017 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	$	76,213	6.8
Backlog	333		2.0
Trade names	18,815		15.0
Non-compete agreements	8,430		5.0
Total intangible assets subject to amortization acquired in 2017 acquisitions	$	103,791	8.1

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,
	2017		2016		2015
Revenues	$	9,712,820	$	8,183,104	$	7,770,744
Gross profit	$	1,301,322	$	1,129,661	$	956,925
Selling, general and administrative expenses	$	821,084	$	734,900	$	612,979
Amortization of intangible assets	$	40,356	$	46,579	$	39,947
Net income from continuing operations	$	320,768	$	207,956	$	136,608
Net income from continuing operations attributable to common stock	$	317,521	$	206,241	$	125,691

Earnings per share from continuing operations:
Basic	$	2.01	$	1.29	$	0.64
Diluted	$	2.00	$	1.29	$	0.64