MASTEC INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
MTZ$180.84-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(unaudited - in thousands)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $114,719 | $(48,487) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation | 289,769 | 325,318 |
| Amortization of intangible assets | 101,669 | 126,252 |
| Non-cash stock-based compensation expense | 24,046 | 24,336 |
| Benefit from deferred income taxes | (10,342) | (77,781) |
| Equity in earnings of unconsolidated affiliates, net | (22,153) | (23,434) |
| Gains on sales and impairments of assets, net | (18,267) | (19,082) |
| Loss on extinguishment of debt | 11,344 | — |
| Non-cash interest expense, net | 4,105 | 4,354 |
| Other non-cash items, net | 10,980 | 3,827 |
| Changes in assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (49,060) | (118,448) |
| Contract assets | 111,870 | (244,340) |
| Inventories | 18,742 | 24,569 |
| Other assets, current and long-term portion | 48,283 | 76,234 |
| Accounts payable and accrued expenses | (201,139) | 104,755 |
| Contract liabilities | 224,531 | 70,976 |
| Other liabilities, current and long-term portion | (9,171) | (32,477) |
| Net cash provided by operating activities | $649,926 | $196,572 |
| Cash flows from investing activities: | ||
| Cash paid for acquisitions, net of cash acquired | (33,811) | (68,817) |
| Capital expenditures | (100,538) | (157,369) |
| Proceeds from sales of property and equipment | 49,028 | 55,936 |
| Payments for other investments | (585) | (1,899) |
| Proceeds from other investments | 1,503 | 425 |
| Other investing activities, net | 3,605 | 41 |
| Net cash used in investing activities | $(80,798) | $(171,683) |
| Cash flows from financing activities: | ||
| Proceeds from credit facilities | 3,103,000 | 3,256,200 |
| Repayments of credit facilities and term loans | (4,148,813) | (3,268,763) |
| Proceeds from issuance of 5.900% senior notes | 549,758 | — |
| Repayments of 6.625% senior notes | (224,046) | — |
| Payments of finance lease obligations | (113,260) | (120,198) |
| Payments of acquisition-related contingent consideration | (24,506) | (21,638) |
| Payments to non-controlling interests, including acquisition of interests and distributions | (23,499) | (11,660) |
| Payments for stock-based awards | (2,801) | (10,293) |
| Other financing activities, net | (32,346) | (5,235) |
| Net cash used in financing activities | $(916,513) | $(181,587) |
| Effect of currency translation on cash | (951) | 280 |
| Net decrease in cash and cash equivalents | $(348,336) | $(156,418) |
| Cash and cash equivalents - beginning of period | $529,561 | $370,592 |
| Cash and cash equivalents - end of period | $181,225 | $214,174 |
| Supplemental cash flow information: | ||
|---|---|---|
| Interest paid | $150,972 | $187,353 |
| Income taxes paid, net of refunds | $45,433 | $15,023 |
| Supplemental disclosure of non-cash information: | ||
| Additions to property and equipment from finance leases and other financing arrangements | $100,094 | $129,935 |
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