Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 90,133	$ 43,768	$ 102,461	$ 9,309
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69,934	102,141	146,159	209,576
Amortization of intangible assets	32,687	33,611	65,323	67,301
Non-cash stock-based compensation expense			16,314	16,698
Benefit from deferred income taxes			(26,224)	(65,312)
Equity in earnings of unconsolidated affiliates, net	(7,043)	(5,892)	(17,356)	(15,111)
Gains on sales and impairments of assets, net			(8,831)	(9,415)
Loss on extinguishment of debt	0	11,344	0	11,344
Non-cash interest expense, net			2,545	2,885
Other non-cash items, net			(129)	12,714
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			(41,145)	45,258
Contract assets			(240,582)	222,547
Inventories			(4,035)	10,113
Other assets, current and long-term portion			(17,635)	35,805
Accounts payable and accrued expenses			140,518	(312,882)
Contract liabilities			(37,550)	139,745
Other liabilities, current and long-term portion			4,178	(8,376)
Net cash provided by operating activities			84,011	372,199
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired			(7,246)	(61)
Capital expenditures	(63,800)	(31,500)	(111,076)	(56,907)
Proceeds from sales of property and equipment			26,659	31,079
Payments for other investments			0	(884)
Proceeds from other investments			2,650	0
Other investing activities, net			2,360	2,303
Net cash used in investing activities			(86,653)	(24,470)
Cash flows from financing activities:
Proceeds from credit facilities and term loans			2,876,247	2,108,500
Repayments of credit facilities and term loans			(2,892,143)	(2,933,375)
Proceeds from issuance of 5.900% senior notes			0	549,758
Repayments of 6.625% senior notes			0	(203,709)
Payments of finance lease obligations			(77,682)	(71,226)
Repurchases of common stock			(77,326)	0
Payments of acquisition-related contingent consideration			(11,873)	(2,874)
Payments to non-controlling interests, including acquisition of interests and distributions			(9,966)	(12,632)
Payments for stock-based awards			(4,796)	(2,761)
Other financing activities, net			(9,735)	(10,759)
Net cash used in financing activities			(207,274)	(579,078)
Effect of currency translation on cash			1,065	(626)
Net decrease in cash and cash equivalents			(208,851)	(231,975)
Cash and cash equivalents - beginning of period			399,903	529,561	$ 529,561
Cash and cash equivalents - end of period	$ 191,052	$ 297,586	191,052	297,586	$ 399,903
Supplemental cash flow information:
Interest paid			87,830	104,622
Income taxes paid, net of refunds			33,913	44,996
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements			$ 132,200	$ 53,093

MASTEC INC 10-Q