Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

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Acquisitions (Tables)
6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
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).

 

     2015     2014  

Consideration:

    

Value of Quanta common stock and exchangeable shares issued

   $ —        $ 134,538   

Cash paid or payable

     64,663        279,533   

Contingent consideration

     1,001        —     
  

 

 

   

 

 

 

Fair value of total consideration transferred or estimated to be transferred

   $ 65,664      $ 414,071   
  

 

 

   

 

 

 

Current assets

   $ 18,304      $ 172,121   

Property and equipment

     29,257        159,186   

Other assets

     4        3,501   

Identifiable intangible assets

     14,796        96,302   

Current liabilities

     (15,283     (145,646

Deferred tax liabilities, net

     (7,227     (32,856

Other long-term liabilities

     (5,244     (4,926

Non-controlling interests

     747        —     
  

 

 

   

 

 

 

Total identifiable net assets

     35,354        247,682   

Goodwill

     30,310        166,389   
  

 

 

   

 

 

 
   $ 65,664      $ 414,071   
  

 

 

   

 

 

 

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 2015 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
 

Customer relationships

   $ 9,985        17.5   

Backlog

     1,327        1.3   

Trade names

     2,374        4.7   

Non-compete agreements

     1,110        5.0   
  

 

 

   

Total intangible assets subject to amortization acquired in 2015 acquisitions

   $ 14,796        13.1   
  

 

 

   
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,
 
     2015      2014      2015      2014  

Revenues

   $ 1,873,169       $ 2,034,146       $ 3,749,834       $ 3,968,023   

Gross profit

   $ 227,739       $ 284,616       $ 469,840       $ 560,434   

Selling, general and administrative expenses

   $ 150,128       $ 146,302       $ 298,208       $ 326,760   

Amortization of intangible assets

   $ 8,743       $ 11,066       $ 17,283       $ 22,298   

Net income from continuing operations

   $ 35,481       $ 82,014       $ 88,720       $ 136,523   

Net income from continuing operations attributable to common stock

   $ 32,025       $ 77,652       $ 80,563       $ 127,921   

Earnings per share from continuing operations attributable to common stock — basic and diluted

   $ 0.15       $ 0.35       $ 0.38       $ 0.57