Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2267

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 2267
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2024, 2023 and 2022, the Company’s consolidated results of operations included acquisition-related revenue of approximately $42.8 million, $1,546.3 million and $2,990.1 million, respectively.  Acquisition-related revenue for the year ended December 31, 2023 included approximately $1,374.6 million for IEA, and for the year ended December 31, 2022, such revenue included approximately $567.2 million for IEA and $1,902.4 million for HMG and INTREN, LLC in the aggregate.  For the years ended December 31, 2024 and 2022, acquisition-related net income totaled approximately $0.1 million and $53.9 million, respectively, and for the year ended December 31, 2023, the Company’s consolidated results of operations included acquisition-related net losses of approximately $40.0 million, based on the Company’s consolidated effective tax rates.  These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs, and exclude the effects of interest expense associated with consideration paid for the related acquisitions.Revenue and net income from the Company’s 2024 acquisitions included within the Company’s consolidated results of operations for the year ended December 31, 2024 totaled $37.0 million and $2.3 million, respectively.Acquisition and integration costs.  In 2021, the Company initiated a significant transformation of its end-market business operations to position the Company for expected future growth opportunities.  This transformation included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity resulted in significant acquisition and integration costs in prior periods.  These acquisition and integration activities were completed in the fourth quarter of 2023.  For the year ended December 31, 2023, such acquisition and integration costs totaled approximately $71.9 million, of which $64.1 million was included within general and administrative expenses, and of which $7.8 million was included within costs of revenue, excluding depreciation and amortization.  Acquisition and integration costs for the year ended December 31, 2022 totaled approximately $86.0 million, of which $52.0 million was included within general and administrative expenses, and of which $29.3 million and $4.7 million were included within costs of revenue, excluding depreciation and amortization, and other expense, respectively