Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.21.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combinations [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 (in thousands).
2021 2020
Consideration:
Cash paid or payable $ 3,500  $ 349,310 
Value of Quanta common stock issued —  57,119 
Contingent consideration —  2,250 
Fair value of total consideration transferred or estimated to be transferred $ 3,500  $ 408,679 
Accounts receivable $ —  $ 74,492 
Contract assets —  8,919 
Other current assets —  51,807 
Property and equipment 1,327  133,511 
Other assets —  14 
Identifiable intangible assets 393  96,827 
Contract liabilities —  (3,750)
Other current liabilities —  (34,890)
Deferred tax liabilities, net —  (3,185)
Total identifiable net assets 1,720  323,745 
Goodwill 1,780  84,934 
Fair value of net assets acquired $ 3,500  $ 408,679 
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 acquisition completed in 2021 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 Fair Value Weighted Average Amortization Period in Years
Customer relationships $ 218  3.0
Trade names 50  2.0
Non-compete agreements 125  5.0
Total intangible assets subject to amortization $ 393  3.5
Unaudited Supplemental Pro Forma Results of Operations
The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2021 and 2020, 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 Ended
March 31,
2021 2020
Revenues $ 2,704,247  $ 2,840,654 
Gross profit $ 373,332  $ 350,910 
Selling, general and administrative expenses $ (243,748) $ (241,089)
Amortization of intangible assets $ (21,375) $ (22,025)
Net income $ 91,328  $ 43,091 
Net income attributable to common stock $ 89,770  $ 40,274 
Earnings per share attributable to common stock:
Basic $ 0.64  $ 0.28 
Diluted $ 0.62  $ 0.27