Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 187

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 187
---
 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 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