MasTec Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MasTec Inc. has filed its 2023 10-K report detailing its operations in infrastructure construction.</b>

AI Summary

MASTEC INC (MTZ) filed a Annual Report (10-K) with the SEC on March 1, 2024. MasTec Inc. filed its 2023 Form 10-K on March 1, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Water, Sewer, Pipeline, Comm and Power Line Construction. MasTec Inc. is incorporated in Florida. The company's former name was Burnup & Sims Inc., with a name change date of July 3, 1992.

Why It Matters

For investors and stakeholders tracking MASTEC INC, this filing contains several important signals. This 10-K provides a comprehensive overview of MasTec's financial performance and operational activities for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The filing includes detailed financial statements and risk factors, offering insights into the company's strategic direction and potential challenges within the construction industry.

Risk Assessment

Risk Level: medium — MASTEC INC shows moderate risk based on this filing. The company operates in the construction industry, which is subject to economic cycles, regulatory changes, and project-specific risks, as detailed in its 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand MasTec's performance and outlook in the infrastructure construction sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-01 — Filing Date (FILED AS OF DATE)
• 1992-07-03 — Former Company Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• MASTEC INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240301 (date) — FILED AS OF DATE
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• FL (location) — STATE OF INCORPORATION
• BURNUP & SIMS INC (company) — FORMER COMPANY
• 19920703 (date) — DATE OF NAME CHANGE
• 3055991800 (phone) — BUSINESS PHONE

FAQ

Industry Context

MasTec Inc. operates in the infrastructure construction sector, which includes building and maintaining essential services like pipelines, power lines, and communication networks.

Regulatory Implications

As a publicly traded company, MasTec Inc. is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Review MasTec's 2023 financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Compare current year performance with prior years to identify trends and assess growth.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date MasTec Inc. filed its 2023 Form 10-K with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K) for MasTec Inc., providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 Par Value MTZ New York Stock Exchange
• $12.4 billion — s infrastructure is expected to grow to $12.4 billion over the five year period through 2028.
• $65 billion — n November 2021, provides approximately $65 billion of funding to improve and expand the na
• $42 billion — "BEAD") Program. BEAD will provide over $42 billion to expand high-speed internet access by
• $20 billion — "), which has committed to provide over $20 billion in funding to build and connect gigabit
• $10 billion — ved rural areas, of which approximately $10 billion remains available as of the end of 2023
• $750 billion — market size was valued at approximately $750 billion in 2023, and is expected to grow at an
• $120 billion — t, which was estimated at approximately $120 billion in 2024, will grow at an estimated comp
• $1.8 — ansition projects totaled approximately $1.8 trillion in 2023, a 17% increase over 2
• $623 b — uding wind, solar and biofuels, totaled $623 billion, an 8% increase over 2022. Growi

Filing Documents

• mtz-20231231.htm (10-K) — 2917KB
• mtz12312310-kex211.htm (EX-21.1) — 103KB
• mtz12312310-kex231.htm (EX-23.1) — 2KB
• mtz12312310-kex232.htm (EX-23.2) — 2KB
• mtz12312310-kex311.htm (EX-31.1) — 8KB
• mtz12312310-kex312.htm (EX-31.2) — 9KB
• mtz12312310-kex321.htm (EX-32.1) — 6KB
• mtz12312310-kex322.htm (EX-32.2) — 6KB
• mtz12312310-kex951.htm (EX-95.1) — 54KB
• mtz12312310-kex971.htm (EX-97.1) — 23KB
• mtz-20231231_g1.jpg (GRAPHIC) — 2KB
• mtz-20231231_g2.jpg (GRAPHIC) — 80KB
• 0000015615-24-000021.txt (&nbsp;) — 16586KB
• mtz-20231231.xsd (EX-101.SCH) — 104KB
• mtz-20231231_cal.xml (EX-101.CAL) — 136KB
• mtz-20231231_def.xml (EX-101.DEF) — 738KB
• mtz-20231231_lab.xml (EX-101.LAB) — 1387KB
• mtz-20231231_pre.xml (EX-101.PRE) — 1025KB
• mtz-20231231_htm.xml (XML) — 2494KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 29 Item 1 C Cybersecurity 29 Item 2

Properties

Properties 30 Item 3

Legal Proceedings

Legal Proceedings 30 Item 4 Mine Safety Disclosures 30 Part II 30 Item 5 Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 30 Item 6 Reserved 32 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A

Controls and Procedures

Controls and Procedures 97 Item 9B Other Information 100 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 Part III 100 Item 10 Directors, Executive Officers and Corporate Governance 100 Item 11

Executive Compensation

Executive Compensation 100 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 100 Item 13 Certain Relationships and Related Transactions, and Director Independence 100 Item 14 Principal Accounting Fees and Services 100 Part IV 101 Item 15 Exhibits and Financial Statement Schedules 101 Item 16 Form 10-K Summary 103

Signatures

Signatures 105 2 Cautionary Statement Regarding Forward-Looking Statements The Company is making this statement pursuant to the safe harbor provisions for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. We make statements in this Annual Report on Form 10-K ("this Form 10-K" or this "Annual Report") and in the documents that we incorporate by reference into this Annual Report that are forward-looking. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words "anticipate," "estimate," "could," "should," "may," "might," "plan," "seek," "expect," "believe," "intend," "target," "will," "project," "forecast," "continue" and variations of these words and negatives thereof and similar expressions are intended to identify forward-looking statements. They also include statements regarding: our future growth and profitability; our competitive strengths; and our business strategy and the trends we anticipate in the industries and economies in which we operate. These forward-looking statements are based on our current expectations. These statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Important factors that could cause actual results to differ materially from those in forward-looking statements include: market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and relate

BUSINESS

ITEM 1. BUSINESS We are a leading infrastructure construction company operating mainly throughout North America across a range of industries. Our primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for almost 95 years. For the twelve month period ended December 31, 2023 we had an average of, and as of December 31, 2023, we had, approximately 34,000 employees. For the twelve month period ended December 31, 2023, we had an average of approximately 840 locations, and as of December 31, 2023, we had approximately 850 locations. We offer our services under the MasTec and other service marks and we are ranked among the Top 400 Contractors by Engineering News-Record. We provide our services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system. We seek to grow and diversify our business both organically and through acquisitions and/or strategic arrangements in order to deepen our market presence and customer ba