Quanta Services, Inc. Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

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

The following table summarizes the aggregate consideration paid or payable as of June 30, 2017 for the 2017 acquisition and 2016 acquisitions and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective acquisition dates, inclusive of any purchase price adjustments. 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).



	2017			2016
Consideration:
Value of Quanta common stock issued	$	8,267		$	1,508
Cash paid or payable	5,554			75,941
Contingent consideration	—			18,683
Fair value of total consideration transferred or estimated to be transferred	$	13,821		$	96,132

Current assets	$	6,365		$	24,233
Property and equipment	890			44,863
Other assets	12			2,553
Identifiable intangible assets	7,053			11,467
Current liabilities	(1,983		)	(12,097		)
Deferred tax liabilities, net	—			(13,484		)
Other long-term liabilities	—			(5,326		)
Total identifiable net assets	12,337			52,209
Goodwill	1,484			43,923
	$	13,821		$	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 acquisition as of the acquisition date 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 at		Amortization Period in Years
	Acquisition Date		at Acquisition Date
Customer relationships	$	6,625	5.0
Non-compete agreements	428		5.0
Total intangible assets subject to amortization acquired in 2017 acquisition	$	7,053	5.0

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				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Revenues	$	2,203,724	$	1,806,214	$	4,386,919	$	3,541,361
Gross profit	$	303,222	$	203,354	$	570,996	$	410,576
Selling, general and administrative expenses	$	186,512	$	158,603	$	372,012	$	319,799
Amortization of intangible assets	$	6,729	$	8,683	$	13,644	$	16,866
Net income	$	64,472	$	17,080	$	113,074	$	38,298
Net income attributable to common stock	$	63,949	$	16,913	$	112,378	$	37,768

Earnings per share attributable to common stock - basic and diluted	$	0.41	$	0.11	$	0.72	$	0.24