NT 10-K





Washington, D.C. 20549



FORM 12b-25



SEC File Number: 001-08106

CUSIP Number: 576323109



(Check One)      

☒  Form 10-K     ☐  Form 20-F     ☐  Form 11-K     ☐  Form 10-Q

☐  Form 10-D     ☐  Form N-CEN     ☐  Form N-CSR

  For Period Ended: December 31, 2022
  ☐  Transition Report on Form 10-K
  ☐  Transition Report on Form 20-F
  ☐  Transition Report on Form 11-K
  ☐  Transition Report on Form 10-Q
  For the Transition Period Ended:     



Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.


If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:





MasTec, Inc.

(Full Name of Registrant)

(Former Name if Applicable)

800 S. Douglas Road, 12th Floor

(Address of Principal Executive Office (Street and Number))

Coral Gables, FL 33134

(City, State and Zip Code)



PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)


☒      (a)   The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
  (b)   The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
  (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.




State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

MasTec, Inc. (“MasTec” or the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”). MasTec could not file the Form 10-K within the prescribed period because additional time is required by the Company to finalize its assessment of internal control over financial reporting, including the previously disclosed material weakness assessment related to certain 2021 acquired entities undergoing their first internal control assessment. As previously reported, the Company anticipates that the Form 10-K will not result in changes to the financial results for the full year and fourth quarter of 2022, which results were announced in the Company’s press release dated February 23, 2023, and that the Form 10-K will be filed as soon as practicable on or before the 15th calendar day following the prescribed due date.

As a result of these developments, the Company is unable, without unreasonable effort or expense, to timely file the Form 10-K.





(1)          Name and telephone number of person to contact in regard to this notification
    Alberto de Cardenas          305          599-1800
    (Name)     (Area Code)     (Telephone Number)
(2)     Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).  ☒    Yes  ☐    No
(3)     Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?  ☒    Yes  ☐    No
    If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

See Attachment A hereto for 2022 financial results reported in the Company’s February 23, 2023 press release, which attachment is incorporated herein by reference.




MasTec, Inc.

(Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.


Date March 2, 2023     By:  

/s/ Alberto de Cardenas

    Name:   Alberto de Cardenas

Executive Vice President,

General Counsel and Secretary

INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.




Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).





Attachment A

In its press release issued on February 23, 2023, included as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated February 23, 2023 (the “Form 8-K”), the Company reported preliminary unaudited results with respect to its 2022 full fiscal year and fourth quarter. Condensed unaudited consolidated financial statements reflecting those results follow below. For additional information regarding these results, please refer to the Form 8-K.



Consolidated Statements of Operations

(unaudited - in thousands, except per share information)


     For the Three Months Ended
December 31,
    For the Years Ended
December 31,
     2022     2021     2022     2021  


   $  3,008,361     $  1,809,366     $ 9,778,038     $ 7,951,781  

Costs of revenue, excluding depreciation and amortization

     2,637,071       1,559,308       8,586,333       6,805,735  


     107,753       83,480       371,240       345,612  

Amortization of intangible assets

     54,666       22,692       135,908       77,214  

General and administrative expenses

     155,194       67,975       559,437       306,970  

Interest expense, net

     49,942       14,035       112,255       53,413  

Equity in earnings of unconsolidated affiliates, net

     (9,413     (10,245     (28,836     (33,830

Other income, net

     539       (19,663     (1,358     (33,408













Income before income taxes

   $ 12,609     $ 91,784     $ 43,059     $ 430,075  

Provision for income taxes

     (9,239     (15,389     (9,171     (99,346













Net income

   $ 3,370     $ 76,395     $ 33,888     $ 330,729  













Net income (loss) attributable to non-controlling interests

     146       (249     534       1,898  













Net income attributable to MasTec, Inc.

   $ 3,224     $ 76,644     $ 33,354     $ 328,831  













Earnings per share:


Basic earnings per share

   $ 0.04     $ 1.06     $ 0.45     $ 4.54  













Basic weighted average common shares outstanding

     76,492       72,553       74,917       72,499  













Diluted earnings per share

   $ 0.04     $ 1.04     $ 0.42     $ 4.45  













Diluted weighted average common shares outstanding

     77,770       74,035       76,185       73,941  















Consolidated Balance Sheets

(unaudited - in thousands)


     December 31,
     December 31,

Current assets

   $ 3,861,498      $ 2,873,954  

Property and equipment, net

     1,754,101        1,436,087  

Operating lease right-of-use assets

     279,534        260,410  

Goodwill, net

     2,045,041        1,520,575  

Other intangible assets, net

     946,299        670,280  

Other long-term assets

     409,157        360,087  







Total assets

   $ 9,295,630      $ 7,121,393  






Liabilities and Equity      

Current liabilities

   $ 2,497,095      $ 1,784,598  

Long-term debt, including finance leases

     3,052,193        1,876,233  

Long-term operating lease liabilities

     194,050        176,378  

Deferred income taxes

     572,714        450,361  

Other long-term liabilities

     238,391        289,962  

Total equity

     2,741,187        2,543,861  







Total liabilities and equity

   $ 9,295,630      $ 7,121,393  







Consolidated Statements of Cash Flows

(unaudited - in thousands)


     For the Years Ended
December 31,
     2022     2021  

Net cash provided by operating activities

   $ 352,297     $ 793,074  

Net cash used in investing activities

     (821,183     (1,357,171

Net cash provided by financing activities

     480,897       501,942  

Effect of currency translation on cash

     (2,155     (227







Net increase (decrease) in cash and cash equivalents

     9,856       (62,382







Cash and cash equivalents - beginning of period

   $ 360,736     $ 423,118  







Cash and cash equivalents - end of period

   $ 370,592     $ 360,736