Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1044

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1044
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 $21 million to $157 million for the year ended December 31, 2024 from $178 million in 2023.  Capital expenditures totaled $149 million, or $83 million, net of asset disposals, in 2024, as compared with $193 million, or $109 million, net of asset disposals, in 2023, for a decrease in cash used in investing activities of approximately $26 million, due primarily to lower levels of equipment purchases.  Cash provided from other investing activities increased by $3 million as compared with the same period in 2023, which includes proceeds from notes receivable collections. Cash used in investing activities from acquisition activity increased by $11 million for the year ended December 31, 2024 as compared with the same period in 2023.

Financing Activities.  Net cash used in financing activities for the year ended December 31, 2024 was $1,090 million, as compared with net cash used in financing activities of $351 million in 2023, for an increase in cash used in financing activities of approximately $739 million. The increase was primarily due to repayments, net of borrowings, of our credit facility and term loans, which increased by $1,022 million for the year ended December 31, 2024 as compared with the same period in 2023, and the payment of $224 million upon the repurchase and redemption in full of our 6.625% IEA Senior Notes.  Payments of acquisition-related contingent consideration included within financing activities totaled $25 million in 2024 as compared to $22 million in 2023.  Total payments of acquisition-related contingent consideration, including payments in excess of acquisition-date liabilities, which are classified within operating activities, totaled $26 million in 2024 as compared with $39 million in 2023.  Additionally, cash payments for acquisition-related contingent assets related to the 2021 acquisition of HMG totaled approximately $12 million in 2024, whereas in 2023, there were no payments.  Payments to holders of our non-controlling interests increased by $18 million in 2024 as compared with 2023, primarily related to distributions to minority interest holders.  The above described increases in cash used in financing activities were offset, in part, by $550 million of net proceeds received from the issuance of our 5.900% Senior Notes in the second quarter of 2024. 

Senior Credit Facility 

We have a $2