Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [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, 2024 for

acquisitions completed in the three months ended March 31, 2024 (in thousands):

	Three Months Ended
	March 31, 2024
Consideration:
Cash paid or payable	$	382,929
Value of Quanta common stock issued	51,768
Contingent consideration	14,463
Fair value of total consideration transferred or estimated to be transferred	$	449,160
Cash and cash equivalents	$	8,453
Accounts receivable	50,845
Contract assets	162
Inventories	14,127
Prepaid expenses and other current assets	12,176
Property and equipment	92,676
Operating lease right-of-use assets	15,532
Other assets	456
Identifiable intangible assets	122,301
Current maturities of long-term debt	(4,431)
Current portion of operating lease liabilities	(4,134)
Accounts payable and accrued liabilities	(51,325)
Contract liabilities	(390)
Long-term debt, net of current maturities	(4,436)
Operating lease liabilities, net of current portion	(11,398)
Deferred income taxes	(42,363)
Total identifiable net assets	198,251
Goodwill	250,909
Fair value of net assets acquired	$	449,160

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, 2024 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, 2024
	Estimated Fair Value		Weighted Average Amortization Period in Years
Customer relationships	$	102,106	6.7
Backlog	4,495		1.7
Trade names	14,456		15.0
Non-compete agreements	1,244		5.0
Total intangible assets subject to amortization	$	122,301	7.5

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 three months ended March 31, 2024 as of the respective acquisition dates:

	Three Months Ended
	March 31, 2024
	Range	Weighted Average
Discount rates	15% to 22%	15%
Customer attrition rates	10% to 23%	12%

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, 2024 and the year ended December 31, 2023, 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,
	2024		2023
Revenues	$	5,033,522	$	4,535,366
Net income attributable to common stock	$	118,213	$	86,670