MASTEC INC

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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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 28, 2025

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,
	2024	2023	2022
Cash flows from operating activities:
Net income (loss)	$199,421	$(47,296)	$33,888
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	366,765	433,929	371,240
Amortization of intangible assets	139,853	169,233	135,908
Non-cash stock-based compensation expense	32,672	33,335	27,446
(Benefit from) provision for deferred income taxes	(34,433)	(140,863)	9,549
Equity in earnings of unconsolidated affiliates, net	(30,228)	(30,697)	(28,836)
Gains on sales and impairments of assets, net	(24,138)	(21,408)	(39,692)
Loss on extinguishment of debt	11,344	—	—
Non-cash interest expense, net	5,533	5,837	4,172
Other non-cash items, net	13,711	8,875	4,743
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	29,634	45,007	6,298
Contract assets	207,703	(54,185)	(304,351)
Inventories	26,345	33,018	(20,523)
Other assets, current and long-term portion	20,546	75,047	68,603
Accounts payable and accrued expenses	(161,734)	165,892	192,119
Contract liabilities	247,502	49,384	(39,372)
Other liabilities, current and long-term portion	71,129	(37,831)	(68,895)
Net cash provided by operating activities	$1,121,625	$687,277	$352,297
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(79,933)	(69,388)	(635,763)
Capital expenditures	(148,855)	(192,941)	(263,352)
Proceeds from sales of property and equipment	66,038	84,110	81,470
Payments for other investments	(801)	(1,899)	(3,981)
Proceeds from other investments	1,503	425	400
Other investing activities, net	4,558	1,632	43
Net cash used in investing activities	$(157,490)	$(178,061)	$(821,183)
Cash flows from financing activities:
Proceeds from credit facilities and term loans	4,099,102	4,378,200	4,065,000
Repayments of credit facilities and term loans	(5,252,750)	(4,509,950)	(3,241,128)
Proceeds from issuance of 5.900% senior notes	549,758	—	—
Repayments of 6.625% senior notes	(224,046)	—	—
Payments of finance lease obligations	(153,957)	(167,615)	(181,481)
Repurchases of common stock	—	—	(81,291)
Payments of acquisition-related contingent consideration	(24,593)	(21,638)	(35,149)
Payments for acquisition-related contingent assets	(12,351)	—	(17,636)
Payments to non-controlling interests, including acquisition of interests and distributions	(32,943)	(14,478)	(728)
Payments for stock-based awards	(2,946)	(10,330)	(4,098)
Other financing activities, net	(35,508)	(5,187)	(22,592)
Net cash (used in) provided by financing activities	$(1,090,234)	$(350,998)	$480,897
Effect of currency translation on cash	(3,559)	751	(2,155)
Net (decrease) increase in cash and cash equivalents	(129,658)	158,969	9,856
Cash and cash equivalents - beginning of period	529,561	370,592	360,736
Cash and cash equivalents - end of period	$399,903	$529,561	$370,592

Supplemental cash flow information:
Interest paid	$195,338	$237,645	$106,484
Income taxes paid, net of refunds	$43,953	$9,608	$8,603
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$151,009	$147,736	$232,249

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