Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1857

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1857
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 the purchase agreement, are reflected as unrealized gains or losses within other income or expense, as appropriate.  As of December 31, 2024 and 2023, the estimated fair value of remaining Additional Payments totaled approximately $14 million and $34 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet.  In November 2024 and May 2022, the Company made Additional Payments of approximately $26 million and $29 million, respectively, which were composed of cash payments of approximately $12 million and $18 million, respectively, and are reflected within financing activities in the consolidated statement of cash flows, and MasTec common stock totaling approximately 93,000 and 133,000 shares, respectively.  For the year ended December 31, 2024, fair value adjustments related to the contingent shares totaled losses of approximately $5.5 million and for the years ended December 31, 2023 and 2022, fair value adjustments related to the contingent shares totaled gains of approximately $1.3 million and $2.2 million, respectively.  The estimated number of shares that would be paid in connection with the remaining Additional Payment liability totaled approximately 50,000 and 160,000 shares as of December 31, 2024 and 2023, respectively.  See Note 2 - Earnings Per Share for the effect of the above referenced shares on the Company’s earnings per share calculations.Pro forma results.  The Company’s unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only.  These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future.The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):For the Years Ended December 31,202420232022Revenue$12,453.1 $12,162.5 $11,617.7 Net income (loss)202.5 (48.4)7.4 Supplemental pro forma information for the Company’s first quarter 2023 acquisition has not been presented for the pre-acquisition periods due to the impracticability of obtaining accurate or reliable historical financial information for the assets of