Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Aggregate Consideration Paid or Payable and Allocation of Net Assets

The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed for acquisitions completed in the years shown (in thousands).

	2021
	Blattner		All Others		2020
Consideration:
Cash paid or payable	$	2,372,528	$	328,846	$	359,624
Value of Quanta common stock issued	345,422		16,922		57,119
Contingent consideration	125,632		—		2,250
Fair value of total consideration transferred or estimated to be transferred	$	2,843,582	$	345,768	$	418,993
Cash and cash equivalents	$	171,950	$	9,910	$	29,221
Accounts receivable	411,835		63,032		74,492
Contract assets	13,622		8,322		8,919
Other current assets	57,803		6,334		23,877
Property and equipment	179,530		71,735		143,277
Other assets	191		229		14
Identifiable intangible assets	1,425,000		105,128		96,826
Current maturities of long-term debt and short-term debt	(2,304)		—		(3,307)
Accounts payable and accrued liabilities	(478,521)		(28,662)		(31,804)
Contract liabilities	(227,040)		(384)		(3,750)
Deferred tax liabilities, net	—		(2,063)		(3,178)
Other long-term liabilities	(7,764)		—		—
Total identifiable net assets	1,544,302		233,581		334,587
Goodwill	1,299,280		112,187		84,406
Fair value of net assets acquired	$	2,843,582	$	345,768	$	418,993

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 2021 and 2020 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).

	2021
	Blattner			All Other			2020
	Estimated Fair Value		Weighted Average Amortization Period in Years	Estimated Fair Value		Weighted Average Amortization Period in Years	Estimated Fair Value		Weighted Average Amortization Period in Years
Customer relationships	$	1,045,000	7.0	$	77,293	6.7	$	81,154	6.1
Backlog	130,000		0.7	6,436		1.2	4,022		1.4
Trade names	250,000		15.0	5,698		14.9	7,654		14.4
Non-compete agreements	—		N/A	6,673		5.0	3,996		5.0
Patented rights, developed technology, and process certifications	—		N/A	9,028		3.5	—		N/A
Total intangible assets subject to amortization	$	1,425,000	7.8	$	105,128	6.5	$	96,826	6.5

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

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 years ended December 31, 2021, 2020 and 2019 as of the respective acquisition dates:

	2021		2020
	Range	Weighted Average	Range	Weighted Average
Discount rates	18% to 26%	18%	19% to 25%	20%
Customer attrition rates	8% to 30%	10%	10% to 43%	13%

Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities

Aggregate fair values of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets were as follows (in thousands):

	December 31, 2021		December 31, 2020
Accounts payable and accrued expenses	$	2,591	$	3,466
Insurance and other non-current liabilities	140,482		7,503
Total contingent consideration liabilities	$	143,073	$	10,969

Unaudited Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2021, 2020 and 2019, have been provided for illustrative purposes only and do not purport to 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. 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,
	2021		2020		2019
Revenues	$	15,503,994	$	14,082,275	$	12,844,508
Gross profit	$	2,511,503	$	2,226,703	$	1,761,317
Selling, general and administrative expenses	$	(1,353,780)	$	(1,208,909)	$	(1,027,254)
Amortization of intangible assets	$	(311,208)	$	(404,014)	$	(95,185)
Net income	$	624,506	$	421,105	$	434,593
Net income attributable to common stock	$	618,479	$	414,742	$	429,822
Earnings per share attributable to common stock:
Basic	$	4.31	$	2.85	$	2.92
Diluted	$	4.18	$	2.77	$	2.89