Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 129

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 129
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 of Cash

As of December 31, 2024, we had approximately $653 million in working capital, defined as current assets less current liabilities, as compared with $1,137 million as of December 31, 2023, a decrease of approximately $484 million.  Cash and cash equivalents totaled approximately $400 million and $530 million as of December 31, 2024 and 2023, respectively, for a decrease of $130 million.  See discussion below for further detail regarding our cash flows and related activity.

46

Sources and uses of cash are summarized below (in millions):

For the Years Ended December 31,202420232022Net cash provided by operating activities$1,121.6 $687.3 $352.3 Net cash used in investing activities$(157.5)$(178.1)$(821.2)Net cash (used in) provided by financing activities$(1,090.2)$(351.0)$480.9 

Operating Activities.  Cash flow from operations is primarily influenced by changes in the timing of demand for our services and operating margins, but can also be affected by working capital needs associated with the various types of services we provide.  Working capital is affected by changes in total accounts receivable, net, prepaid expenses and other current assets, accounts payable and payroll tax payments, accrued expenses and contract liabilities, all of which tend to be related.  These working capital items are affected by changes in revenue resulting from the timing and volume of work performed, variability in the timing of customer billings and collections of receivables, as well as settlement of payables and other obligations.  Net cash provided by operating activities for the year ended December 31, 2024 was $1,122 million, as compared with $687 million in 2023, for an increase in cash provided by operating activities of approximately $434 million, due primarily to (i)  an increase in net income as compared with the prior period; and (ii) changes in working capital compared with the prior period, including from the positive effect of timing-related changes in accounts receivable, net, resulting from improved collections, as described in further detail below, and changes in contract liabilities due to ordinary course project activity, primarily in connection with new project starts within the Company’s Clean Energy and Infrastructure and Pipeline Infrastructure segments, offset, in part, by the negative effect of timing-related changes in accounts payable and accrued expenses.

DSO is calculated as total accounts