Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2650

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 2650
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 activity was driven primarily by project work within the Company’s Power Delivery and Pipeline Infrastructure operations, and, to a lesser extent, by acquisition-related project work within the Company’s Clean Energy and Infrastructure operations.  For the year ended December 31, 2022, activity was driven primarily by acquisition-related project work within the Company’s Power Delivery operations, and, to a lesser extent, its Pipeline Infrastructure operations.

Note 11 – Equity 

Share ActivityThe Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws.  The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs, and other factors.  The Company’s share repurchase program, under which the Company undertakes share repurchases for strategic purposes, including (i) when management believes that the market price of the Company’s stock is undervalued, (ii) such repurchases will enhance long-term shareholder value, (iii) the Company has adequate liquidity, and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Company’s discretion.  Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility.  The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements.  Treasury stock is recorded at cost.  Share repurchases are recorded as of the trade date, whereas payments for share repurchases are made on the date the trade is settled.There were no share repurchases under the Company’s share repurchase program for either of the years ended December 31, 2024 or 2023.  For the year ended December 31, 2022, the Company repurchased 1.1 million shares of its common stock for an aggregate purchase price of approximately $81.3 million.  Of the total repurchased shares, 0.1 million were repurchased for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program.  The remaining 1.0 million shares were repurchased for $72.7 million under the Company’s March 2020 $150 million share repurchase program.  As of December 31, 2024, $77.