Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1459

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1459
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 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 the entity that was acquired.The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments.  These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions.  Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control.Acquisition-related results.  The Company defines “acquisition” results as results from acquired businesses for the first twelve months following the dates of the respective acquisitions.  For the years ended December 31, 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