Skip to main content
Midas Edge

QUANTA SERVICES INC

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 20, 2025

PWR$591.48+9.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

7. Goodwill and Other Intangible Assets

  1. GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill

The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands):

Electric PowerSegmentRenewable Energy SegmentUnderground and Infrastructure SegmentTotal
Balance at December 31, 2022 (1)$1,396,141$1,518,149$672,455$3,586,745
Goodwill related to acquisition completed in 2023189,777263,854—453,631
Purchase price allocation adjustments338——338
Foreign currency translation adjustments1,2432,1851,7635,191
Balance at December 31, 2023 (1)1,587,4991,784,188674,2184,045,905
Goodwill related to the acquisitions completed in 2024691,428434,693186,9931,313,114
Purchase price allocation adjustments(7,333)(3,663)—(10,996)
Goodwill written off due to sale of business (1)——(6,147)(6,147)
Foreign currency translation adjustments(4,742)(8,983)(11,708)(25,433)
Balance at December 31, 2024 (1)$2,266,852$2,206,235$843,356$5,316,443

(1)Included in the Underground and Infrastructure segment for the years ended December 31, 2024, 2023, and 2022 was accumulated impairment of $49.9 million, $96.1 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off due to the sale of a business.

In connection with the 2024, 2023 and 2022 annual goodwill assessments, management performed a qualitative impairment assessment of Quanta’s reporting units, which indicated that it was more likely than not that the fair value of its reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required, and no goodwill impairment was recognized in 2024, 2023 or 2022.

Other Intangible Assets

Quanta’s identifiable intangible assets and the remaining weighted average amortization periods related to its intangible assets subject to amortization were as follows (in thousands except for weighted average amortization periods, which are in years):

As of December 31, 2024 · As of December 31, 2023
Remaining Weighted Average Amortization Period in YearsIntangibleAssetsAccumulatedAmortizationIntangibleAssets, NetIntangibleAssetsAccumulatedAmortizationIntangibleAssets, Net
Customer relationships5.1$2,405,606$(1,105,099)$1,300,507$1,852,249$(842,184)$1,010,065
Backlog1.6442,459(358,596)83,863336,149(297,868)38,281
Trade names12.9569,307(113,970)455,337378,428(87,572)290,856
Non-compete agreements4.561,589(51,453)10,13659,464(48,687)10,777
Patented rights, developed technology, process certifications and other12.635,317(32,763)2,55432,985(29,605)3,380
Curriculum3.815,618(10,478)5,14014,794(8,741)6,053
Total intangible assets subject to amortization6.83,529,896(1,672,359)1,857,5372,674,069(1,314,657)1,359,412
Engineering license3,000—3,0003,000—3,000
Total intangible assets$3,532,896$(1,672,359)$1,860,537$2,677,069$(1,314,657)$1,362,412

Amortization expense for intangible assets was $383.0 million, $289.0 million and $354.0 million for the years ended December 31, 2024, 2023 and 2022.

The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2024 is set forth below (in thousands):

Year Ending December 31:
2025$404,888
2026346,348
2027315,629
2028249,447
2029112,581
Thereafter428,644
Total$1,857,537
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.