Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 341

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 6
Chunk 341
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 statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Other Matter

As discussed in Note 10 to the IEA LLC financial statements, IEA LLC engages in significant transactions with affiliates such as MasTec, Inc. and Infrastructure and Energy Alternatives, Inc. Portions of certain income and expenses represent allocations made from affiliates for items applicable to IEA LLC as a whole. Therefore, the financial statements of IEA LLC have been prepared from the separate records maintained by IEA LLC and its parent and may not be indicative of the conditions that would have existed or the results of operations if IEA LLC had been operated as an unaffiliated company.

/s/ Deloitte & Touche LLP

Indianapolis, Indiana

February 29, 2024

We began serving as IEA LLC’s auditor in 2018. In 2024 we became the predecessor auditor.

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MASTEC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

For the Years Ended December 31,202420232022Revenue$12,303,464 $11,995,934 $9,778,038 Costs of revenue, excluding depreciation and amortization10,675,987 10,613,762 8,586,333 Depreciation366,765 433,929 371,240 Amortization of intangible assets139,853 169,233 135,908 General and administrative expenses684,508 698,899 559,437 Interest expense, net193,266 234,405 112,255 Equity in earnings of unconsolidated affiliates, net(30,228)(30,697)(28,836)Loss on extinguishment of debt11,344 — — Other expense (income), net11,006 (40,893)(1,358)Income (loss) before income taxes$250,963 $(82,704)$43,059 (Provision for) benefit from income taxes(51,542)35,408