Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 356

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 6
Chunk 356
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.S. GAAP financial measures, unless otherwise stated.  Acquisition-related contingent items consist of (i) changes in fair value of acquisition-related contingent consideration, which is composed of earn-outs, that are contingent upon the achievement of reaching certain post-acquisition levels of earnings and (ii) changes in fair value of additional payments in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc. based on the fluctuation of our share price and are contingent upon the post-acquisition collections of certain receivables.  We believe that this presentation is common practice within our industry and improves comparability of our results with those of our peers.

We believe that these non-U.S. GAAP financial measures provide meaningful information and help investors understand our financial results and assess our prospects for future performance.  Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names.  Each company’s definitions of these adjusted measures may vary as they are not standardized and should be used together with the provided reconciliations.  These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings 

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per share, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto.  We believe these non-U.S. GAAP financial measures, when viewed together with our U.S. GAAP results and related reconciliations, provide a more complete understanding of our business.  We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA in dollar and percentage of revenue terms for the periods indicated.  The tables below (dollar amounts in millions) may contain slight summation differences due to rounding.

Three Months Ended September 30, Nine Months Ended September 30, EBITDA Reconciliation:2025202420252024Net income$166.5 4.2 %$105.4 3.2 %$269.0 2.6 %$114.7 1.3 %Interest expense, net45.4 1.1 %47.0 1.4 %128.3 1.2 %149.7