Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Business Acquisition Purchase Price Allocation Assets Acquired and Liabilities Assumed

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 (in thousands).


	2016			2015
Consideration:
Value of Quanta common stock and exchangeable shares issued	$	—		$	10,127
Cash paid or payable		42,211			110,428
Contingent consideration		15,400			1,001

Fair value of total consideration transferred or estimated to be transferred	$	57,611		$	121,556

Current assets	$	16,489		$	35,188
Property and equipment		30,649			44,140
Other assets		1,972			4
Identifiable intangible assets		8,327			24,987
Current liabilities		(7,349	)		(24,633	)
Deferred tax liabilities, net		(13,267	)		(4,912	)
Other long-term liabilities		(5,326	)		(5,606	)
Non-controlling interests		—			747

Total identifiable net assets		31,495			69,915
Goodwill		26,116			51,641

	$	57,611		$	121,556

Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization

The following table summarizes the estimated fair values of identifiable intangible assets and the related weighted average amortization periods by type as of the respective acquisition dates for the 2016 acquisitions (in thousands, except for weighted average amortization periods, which are in years).


	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date in Years
Customer relationships	$	4,814		3.3
Backlog		822		3.1
Trade names		2,448		15.0
Non-compete agreements		243		5.0

Total intangible assets subject to amortization acquired in 2016 acquisitions	$	8,327		6.8

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Revenues	$	1,792,430	$	1,916,000	$	3,513,472	$	3,835,457
Gross profit	$	200,217	$	235,282	$	403,682	$	484,237
Selling, general and administrative expenses	$	156,607	$	154,023	$	315,817	$	305,998
Amortization of intangible assets	$	8,141	$	9,910	$	15,792	$	19,648
Net income from continuing operations	$	16,729	$	37,053	$	37,069	$	91,347
Net income from continuing operations attributable to common stock	$	16,562	$	33,597	$	36,539	$	83,190
Earnings per share from continuing operations attributable to common stock — basic and diluted	$	0.11	$	0.16	$	0.23	$	0.39