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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 June 30, 2024 for acquisitions completed in the six months ended June 30, 2024 (in thousands):
June 30, 2024
Consideration:
Cash paid or payable$463,884 
Value of Quanta common stock issued60,821 
Contingent consideration15,463 
Fair value of total consideration transferred or estimated to be transferred$540,168 
Cash and cash equivalents$9,176 
Accounts receivable57,954 
Contract assets162 
Inventories38,731 
Prepaid expenses and other current assets12,499 
Property and equipment64,914 
Operating lease right-of-use assets24,935 
Other assets573 
Identifiable intangible assets179,977 
Current maturities of long-term debt(4,431)
Current portion of operating lease liabilities(4,796)
Accounts payable and accrued liabilities(61,140)
Contract liabilities(390)
Long-term debt, net of current maturities(4,436)
Operating lease liabilities, net of current portion(20,140)
Deferred income taxes(48,869)
Total identifiable net assets244,719 
Goodwill 295,449 
Fair value of net assets acquired$540,168 
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 six months ended June 30, 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).    
Six Months Ended
June 30, 2024
Estimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$152,256 7.2
Backlog4,995 1.5
Trade names18,066 15.0
Non-compete agreements2,384 5.0
Patented rights, developed technology, process certifications and other
2,276 15.0
Total intangible assets subject to amortization$179,977 7.9
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 six months ended June 30, 2024 as of the respective acquisition dates:
Six Months Ended
 June 30, 2024
RangeWeighted Average
Discount rates
15% to 24%
16%
Customer attrition rates
10% to 23%
13%
Schedule of Business Acquisitions by Acquisition, Contingent Consideration The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to June 30, 2024 and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 June 30, 2024December 31, 2023
Accounts payable and accrued expenses$152,630 $— 
Insurance and other non-current liabilities16,618 157,073 
Total contingent consideration liabilities$169,248 $157,073 
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 six months ended June 30, 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 EndedSix Months Ended
June 30,June 30,
2024202320242023
Revenues$5,599,509 $5,175,310 $10,645,621 $9,730,835 
Net income attributable to common stock$187,445 $158,580 $303,259 $244,682