MASTEC INC

For the period ended Dec 31, 2023. Filed Mar 1, 2024.

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.

FY2023 · Filed Mar 1, 2024

MTZ$180.84-4.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

	For the Years Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net (loss) income	$(47,296)	$33,888	$330,729
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	433,929	371,240	345,612
Amortization of intangible assets	169,233	135,908	77,214
Non-cash stock-based compensation expense	33,335	27,446	24,805
(Benefit from) provision for deferred income taxes	(140,863)	9,549	51,931
Equity in earnings of unconsolidated affiliates, net	(30,697)	(28,836)	(33,830)
Gains on sales of assets, net	(21,408)	(39,692)	(35,635)
Non-cash interest expense, net	5,837	4,172	3,171
Other non-cash items, net	8,875	4,743	(12,323)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	45,007	6,298	149,152
Contract assets	(54,185)	(304,351)	49,295
Inventories	33,018	(20,523)	10,147
Other assets, current and long-term portion	75,047	68,603	(35,837)
Accounts payable and accrued expenses	165,892	192,119	(104,481)
Contract liabilities	49,384	(39,372)	10,603
Other liabilities, current and long-term portion	(37,831)	(68,895)	(37,479)
Net cash provided by operating activities	$687,277	$352,297	$793,074
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(69,388)	(635,763)	(1,244,603)
Capital expenditures	(192,941)	(263,352)	(170,066)
Proceeds from sales of property and equipment	84,110	81,470	65,287
Payments for other investments	(1,899)	(3,981)	(9,996)
Proceeds from other investments	425	400	557
Other investing activities, net	1,632	43	1,650
Net cash used in investing activities	$(178,061)	$(821,183)	$(1,357,171)
Cash flows from financing activities:
Proceeds from credit facilities and term loans	4,378,200	4,065,000	1,503,372
Repayments of credit facilities	(4,509,950)	(3,241,128)	(812,103)
Payments of finance lease obligations	(167,615)	(181,481)	(158,892)
Repurchases of common stock	—	(81,291)	—
Payments of acquisition-related contingent consideration	(21,638)	(35,149)	(21,675)
Payments for acquisition-related contingent assets	—	(17,636)	—
Payments to non-controlling interests, including acquisition of interests and distributions	(14,478)	(728)	(8,965)
Payments for stock-based awards	(10,330)	(4,098)	(6,024)
Other financing activities, net	(5,187)	(22,592)	6,229
Net cash (used in) provided by financing activities	$(350,998)	$480,897	$501,942
Effect of currency translation on cash	751	(2,155)	(227)
Net increase (decrease) in cash and cash equivalents	158,969	9,856	(62,382)
Cash and cash equivalents - beginning of period	370,592	360,736	423,118
Cash and cash equivalents - end of period	$529,561	$370,592	$360,736

Supplemental cash flow information:
Interest paid	$237,645	$106,484	$61,815
Income taxes paid, net of refunds	$9,608	$8,603	$69,110
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$147,736	$232,249	$160,286

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