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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Aggregate Consideration Paid or Payable and Allocation 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 as of September 30, 2022 for acquisitions completed in the periods shown below (in thousands).
Nine Months EndedYear Ended
September 30, 2022December 31, 2021
Consideration:BlattnerAll Others
Cash paid or payable$21,990 $2,434,877 $328,375 
Value of Quanta common stock issued— 345,422 16,922 
Contingent consideration2,600 125,632 — 
Fair value of total consideration transferred or estimated to be transferred$24,590 $2,905,931 $345,297 
Cash and cash equivalents$101 $171,950 $9,911 
Accounts receivable1,755 411,835 63,033 
Contract assets— 13,622 8,322 
Other current assets72 57,803 6,262 
Property and equipment2,266 179,530 71,736 
Other assets— 191 230 
Identifiable intangible assets13,109 1,425,000 104,143 
Current maturities of long-term debt and short-term debt— (2,304)— 
Accounts payable and accrued liabilities(1,408)(481,047)(29,481)
Contract liabilities(3,530)(227,040)(384)
Deferred tax liabilities, net— — (2,424)
Other long-term liabilities— (7,764)— 
Total identifiable net assets12,365 1,541,776 231,348 
Goodwill12,225 1,364,155 113,948 
Fair value of net assets acquired$24,590 $2,905,931 $345,296 
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 nine months ended September 30, 2022 and the year ended December 31, 2021 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
2022BlattnerAll Others
Estimated Fair ValueWeighted Average Amortization Period in Years Estimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$11,565 6.0$1,045,000 7.0$77,563 6.7
Backlog557 0.5130,000 0.76,431 1.2
Trade names850 15.0250,000 15.05,298 14.9
Non-compete agreements137 5.0— N/A5,823 5.0
Patented rights, developed technology, and process certifications— N/A— N/A9,028 3.5
Total intangible assets subject to amortization$13,109 6.4$1,425,000 7.8$104,143 6.4
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 relationship intangible assets for businesses acquired during the nine months ended September 30, 2022 and the year ended December 31, 2021 as of the respective acquisition dates:
 20222021
RateRangeWeighted Average
Discount rates22%
18% to 26%
18%
Customer attrition rates20%
8% to 30%
10%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 September 30, 2022December 31, 2021
Accounts payable and accrued expenses$4,975 $2,591 
Insurance and other non-current liabilities143,175 140,482 
Total contingent consideration liabilities$148,150 $143,073 
Unaudited Supplemental Pro Forma Results of Operations The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the nine months ended September 30, 2022 and the year ended December 31, 2021, 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).
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Revenues$4,459,757 $4,201,655 $12,666,933 $11,394,008 
Gross profit$688,830 $698,695 $1,862,122 $1,808,795 
Selling, general and administrative expenses$(347,449)$(313,125)$(997,801)$(967,517)
Amortization of intangible assets$(67,147)$(67,886)$(291,849)$(203,956)
Net income $156,316 $226,566 $335,329 $459,055 
Net income attributable to common stock$155,956 $225,533 $326,442 $454,526 
Earnings per share attributable to common stock:
Basic$1.09 $1.57 $2.27 $3.16 
Diluted$1.06 $1.53 $2.20 $3.07