Schedules of Restated Net Income and Restated Condensed Unaudited Consolidated Financial Statements | The following presents the effect of the adjustments on MasTec’s previously reported unaudited net income attributable to MasTec, Inc. (“Net Income”) for each of the affected interim periods (dollar amounts in thousands): Period Previously Reported Net Income Adjustments Restated Net Income First Quarter of 2014 (unaudited) $ 16,023 $ (3,926 ) $ 12,097 Second Quarter of 2014 (unaudited) $ 32,050 $ 1,675 $ 33,725 Six Months Ended June 30, 2014 (unaudited) $ 48,073 $ (2,252 ) $ 45,821 Third Quarter of 2014 (unaudited) $ 45,271 $ 3,715 $ 48,986 Nine Months Ended September 30, 2014 (unaudited) $ 93,344 $ 1,463 $ 94,807 The adjustments above resulted primarily from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method. The project contracts in question are with third-party clients. One of the contracts was completed in early 2015 and the other contract is expected to be completed in 2016. In one project, the Company determined that certain project costs that were incurred and recorded by the Company in the third quarter of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the first quarter of 2014. In the other project, the Company determined that certain project cost savings that were realized by the Company during the third and fourth quarters of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the second quarter of 2014. Interim Net Income adjustments related to these projects totaled negative $3.8 million for the three month period ended March 31, 2014 and positive $1.4 million and $3.6 million for the three month periods ended June 30, 2014 and September 30, 2014, respectively. In addition, Selected Items were reviewed to further test the reliability of the previously issued financial statements. As a result of this review, the Company recorded additional immaterial adjustments, which resulted in changes to previously reported interim Net Income, which adjustments are reflected in the table above. The following tables present the impact of the restatement adjustments on MasTec’s previously reported condensed unaudited consolidated financial statements for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014. Additionally, certain amounts have been reclassified to conform to current year presentation. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. See Note 16 - Segments for additional discussion. The effect of the restatement adjustments on the Company’s previously reported unaudited consolidated EBITDA for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014, along with reconciliations to unaudited consolidated income from continuing operations before income taxes for the respective periods, is presented in the tables below. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Revenue $ 964,029 $ (6,211 ) $ 957,818 Costs of revenue, excluding depreciation and amortization 841,054 270 841,324 Depreciation and amortization 33,494 — 33,494 General and administrative expenses 53,327 — 53,327 Interest expense, net 12,003 — 12,003 Other income, net (1,955 ) (128 ) (2,083 ) Income from continuing operations before income taxes $ 26,106 $ (6,353 ) $ 19,753 Provision for income taxes (9,916 ) 2,427 (7,489 ) Net income from continuing operations $ 16,190 $ (3,926 ) $ 12,264 Discontinued operations: Net loss from discontinued operations $ (122 ) $ — $ (122 ) Net income $ 16,068 $ (3,926 ) $ 12,142 Net income attributable to non-controlling interests 45 — 45 Net income attributable to MasTec, Inc. $ 16,023 $ (3,926 ) $ 12,097 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.21 $ (0.05 ) $ 0.16 Discontinued operations (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.21 $ (0.05 ) $ 0.16 Basic weighted average common shares outstanding 77,345 — 77,345 Diluted earnings (loss) per share: Continuing operations $ 0.19 $ (0.05 ) $ 0.14 Discontinued operations (0.00 ) 0.00 (0.00 ) Total diluted earnings per share (a) $ 0.19 $ (0.05 ) $ 0.14 Diluted weighted average common shares outstanding 86,622 — 86,622 (a) Earnings per share calculations may contain slight summation differences due to rounding. The revenue adjustment set forth in the restated condensed unaudited consolidated statements of operations above resulted from a cost-to-complete estimate change on a large and complex Electrical Transmission segment project accounted for under the percentage-of-completion method. In addition, there were other immaterial adjustments identified within various segments, which affected costs of revenue, excluding depreciation and amortization and other income, net. For the three month period ended March 31, 2014, these adjustments resulted in a reduction in revenue of $6.2 million , an increase in costs of revenue, excluding depreciation and amortization, of $0.3 million , an increase in other income, net, of $0.1 million , and a reduction in Net Income of approximately $3.9 million . Basic and diluted earnings per share decreased by $0.05 cents each. For the Three Months Ended March 31, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated EBITDA - Continuing operations $ 71.6 $ (6.4 ) $ 65.3 Less: Interest expense, net (12.0 ) — (12.0 ) Depreciation and amortization (33.5 ) — (33.5 ) Income from continuing operations before income taxes $ 26.1 $ (6.4 ) $ 19.8 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $80 million and $3 million , respectively. As restated, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $74 million and negative $3 million , respectively. EBITDA margin for the Electrical Transmission segment, as previously reported, was 4.4% for the three month period ended March 31, 2014, and as restated, was negative 3.7% . As restated, Electrical Transmission segment revenue for the three month period ended March 31, 2014 decreased versus the prior year period by $11 million , or 13% . Acquisitions contributed $5 million of revenue, whereas organic revenue declined by $15 million , primarily as a result of winter weather disruptions and timing of project startups. As restated, Electrical Transmission segment EBITDA for the three month period ended March 31, 2014 decreased versus the prior year period by $6 million , or 180% , and Electrical Transmission segment EBITDA margin declined to negative 3.7% from positive 4.0% in the prior year period, with a majority of this decline due to production inefficiencies resulting from lower organic revenue. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Net income $ 16,068 $ (3,926 ) $ 12,142 Other comprehensive (loss) income: Foreign currency translation adjustments, net of tax (5,335 ) (1 ) (5,336 ) Comprehensive income $ 10,733 $ (3,927 ) $ 6,806 Comprehensive income attributable to non-controlling interests 45 — 45 Comprehensive income attributable to MasTec, Inc. $ 10,688 $ (3,927 ) $ 6,761 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 9,261 $ — $ 9,261 Accounts receivable, net of allowance 1,195,603 (10,367 ) 1,185,236 Inventories, net 89,146 — 89,146 Prepaid expenses and other current assets, including discontinued operations 63,926 2,426 66,352 Total current assets $ 1,357,936 $ (7,941 ) $ 1,349,995 Property and equipment, net 509,585 — 509,585 Goodwill 912,885 — 912,885 Other intangible assets, net 171,562 — 171,562 Other long-term assets, including discontinued operations 61,439 — 61,439 Total assets $ 3,013,407 $ (7,941 ) $ 3,005,466 Liabilities and equity Current liabilities: Current maturities of long-term debt $ 52,949 $ — $ 52,949 Accounts payable 440,152 271 440,423 Accrued salaries and wages 68,055 — 68,055 Other accrued expenses 60,581 (128 ) 60,453 Acquisition-related contingent consideration, current 64,694 6,806 71,500 Billings in excess of costs and earnings 109,370 — 109,370 Other current liabilities, including discontinued operations 24,588 (4,157 ) 20,431 Total current liabilities $ 820,389 $ 2,792 $ 823,181 Acquisition-related contingent consideration, net of current portion 119,756 (6,806 ) 112,950 Long-term debt 841,335 — 841,335 Long-term deferred tax liabilities, net 154,151 — 154,151 Other long-term liabilities 40,929 — 40,929 Total liabilities $ 1,976,560 $ (4,014 ) $ 1,972,546 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 86,993,988 as of March 31, 2014 8,700 — 8,700 Capital surplus 827,863 — 827,863 Contributed shares 6,002 — 6,002 Retained earnings 357,887 (3,926 ) 353,961 Accumulated other comprehensive loss (18,621 ) (1 ) (18,622 ) Treasury stock, at cost; 9,467,286 shares as of March 31, 2014 (150,000 ) — (150,000 ) Total MasTec, Inc. shareholders’ equity $ 1,031,831 $ (3,927 ) $ 1,027,904 Non-controlling interests $ 5,016 $ — $ 5,016 Total equity $ 1,036,847 $ (3,927 ) $ 1,032,920 Total liabilities and equity $ 3,013,407 $ (7,941 ) $ 3,005,466 As of March 31, 2014, the cost-to-complete estimate changes for the projects discussed above resulted in a decrease in costs and earnings in excess of billings of $6.2 million . There was also a reclassification of $4.2 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $2.4 million . Additionally, there was a $6.8 million reclassification of an earn-out liability that had been earned as of March 31, 2014 from long-term to current liabilities. In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected accounts payable and other accrued expenses. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 16,068 $ (3,926 ) $ 12,142 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 33,494 — 33,494 Non-cash interest expense 2,362 — 2,362 Non-cash stock-based compensation expense 3,260 — 3,260 Excess tax benefit from stock-based compensation (3,246 ) — (3,246 ) Provision for deferred income taxes 3,281 — 3,281 Other non-cash items 623 — 623 (Gains) losses on sales of assets (1,622 ) — (1,622 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (43,440 ) 10,367 (33,073 ) Inventories (13,313 ) — (13,313 ) Other assets, current and long-term portion 9,034 (2,426 ) 6,608 Accounts payable and accrued expenses (14,683 ) 143 (14,540 ) Billings in excess of costs and earnings (12,247 ) — (12,247 ) Book overdrafts 1,266 — 1,266 Other liabilities, current and long-term portion (1,231 ) (4,158 ) (5,389 ) Net cash used in operating activities $ (20,394 ) $ — $ (20,394 ) Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (23,831 ) — (23,831 ) Capital expenditures (35,554 ) — (35,554 ) Proceeds from sale of property and equipment 3,373 — 3,373 Payments for other investments (1,098 ) — (1,098 ) Net cash used in investing activities $ (57,110 ) $ — $ (57,110 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 233,872 — 233,872 Repayments of credit facilities (157,349 ) — (157,349 ) Repayments of other borrowings (2,830 ) — (2,830 ) Payments of capital lease obligations (10,956 ) — (10,956 ) Payments of tax withholdings and proceeds from stock-based awards, net (1,451 ) — (1,451 ) Excess tax benefit from stock-based compensation 3,246 — 3,246 Payments of financing costs (218 ) — (218 ) Net cash provided by financing activities $ 64,314 $ — $ 64,314 Effect of currency translation on cash (476 ) — (476 ) Net decrease in cash and cash equivalents (13,666 ) — (13,666 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 9,261 $ — $ 9,261 Supplemental cash flow information: Interest paid $ 12,430 $ — $ 12,430 Income taxes paid, net of refunds $ 11,928 $ — $ 11,928 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 8,240 $ — $ 8,240 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 8,700 $ — $ 8,700 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,104,556 $ 2,676 $ 1,107,232 $ 2,068,585 $ (3,535 ) $ 2,065,050 Costs of revenue, excluding depreciation and amortization 950,889 (174 ) 950,715 1,791,943 97 1,792,040 Depreciation and amortization 36,755 — 36,755 70,249 — 70,249 General and administrative expenses 54,237 — 54,237 107,564 — 107,564 Interest expense, net 12,949 — 12,949 24,952 — 24,952 Other income, net (2,051 ) 128 (1,923 ) (4,007 ) — (4,007 ) Income from continuing operations before income taxes $ 51,777 $ 2,722 $ 54,499 $ 77,884 $ (3,632 ) $ 74,252 Provision for income taxes (19,714 ) (1,047 ) (20,761 ) (29,630 ) 1,380 (28,250 ) Net income from continuing operations $ 32,063 $ 1,675 $ 33,738 $ 48,254 $ (2,252 ) $ 46,002 Discontinued operations: Net loss from discontinued operations $ (149 ) $ — $ (149 ) $ (272 ) $ — $ (272 ) Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Net loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Net income attributable to MasTec, Inc. $ 32,050 $ 1,675 $ 33,725 $ 48,073 $ (2,252 ) $ 45,821 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Basic weighted average common shares outstanding 78,269 — 78,269 77,810 — 77,810 Diluted earnings (loss) per share: Continuing operations $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Discontinued operations (0.00 ) 0.00 0.00 (0.00 ) 0.00 0.00 Total diluted earnings per share (a) $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Diluted weighted average common shares outstanding 86,730 — 86,730 86,675 — 86,675 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $2.3 million and negative $3.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and six month periods ended June 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue, costs of revenue, excluding depreciation and amortization, and other income, net. For the three month period ended June 30, 2014, the adjustments resulted in an increase in revenue of $2.7 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.2 million and a decrease in other income, net of $0.1 million . Net Income increased by approximately $1.7 million . For the six month period ended June 30, 2014, revenue decreased by $3.5 million , costs of revenue, excluding depreciation and amortization, increased by $0.1 million , and Net Income decreased by approximately $2.3 million . Basic and diluted earnings per share for the three month period ended June 30, 2014 increased by $0.02 cents each, and for the six month period ended June 30, 2014, decreased by $0.03 cents each. For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated As Reported Adjustments As Restated EBITDA - Continuing operations $ 101.5 $ 2.7 $ 104.2 $ 173.1 $ (3.6 ) $ 169.5 Less: Interest expense, net (12.9 ) — (12.9 ) (25.0 ) — (25.0 ) Depreciation and amortization (36.8 ) — (36.8 ) (70.2 ) — (70.2 ) Income from continuing operations before income taxes $ 51.8 $ 2.7 $ 54.5 $ 77.9 $ (3.6 ) $ 74.3 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $114 million and $195 million , respectively. As restated, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $117 million and $191 million respectively. As restated, Electrical Transmission segment revenue for the three month period ended June 30, 2014 decreased versus the same period in the prior year by $2 million , or 1.5% . Acquisitions contributed $8 million of revenue for the three month period ended June 30, 2014, whereas organic revenue declined by $10 million as compared to the same period in the prior year, primarily as a result of timing of project startups. As restated, segment revenue for the six month period ended June 30, 2014 decreased versus the same period in the prior year by $12 million , or 6.1% . Acquisitions contributed $13 million of revenue for the six month period ended June 30, 2014, whereas organic revenue declined by $25 million as compared to the same period in the prior year, primarily as a result of first quarter 2014 winter weather disruptions and timing of project startups. As previously reported, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $17 million and $21 million , respectively. EBITDA margins for the Electrical Transmission segment, as previously reported, were 14.9% and 10.5% for the three and six month periods ended June 30, 2014, respectively. As restated, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $19 million and $17 million , respectively, and EBITDA margins for the Electrical Transmission segment, as restated, were 16.5% and 8.7% , respectively. As restated, Electrical Transmission EBITDA for the three month period ended June 30, 2014 increased versus the same period in the prior year by $8 million , or 67.7% , and EBITDA margin improved to 16.5% from 9.7% in the prior year period. As restated, EBITDA margins improved by 680 basis points, or approximately $8 million for the three month period ended June 30, 2014, driven primarily by improved project efficiencies versus the same period in prior year. As restated, Electrical Transmission EBITDA for the six month period ended June 30, 2014 increased versus the same period in the prior year by $2 million , or 11.2% , and EBITDA margin improved to 8.7% from 7.3% in the prior year period. As restated, EBITDA margins improved by 140 basis points, or approximately $3 million for the six month period ended June 30, 2014 as compared to the same period in the prior year, driven primarily by improved project efficiencies. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Other comprehensive income (loss): Foreign currency translation adjustments, net of tax 7,678 (2 ) 7,676 2,343 (3 ) 2,340 Comprehensive income $ 39,592 $ 1,673 $ 41,265 $ 50,325 $ (2,255 ) $ 48,070 Comprehensive loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Comprehensive income attributable to MasTec, Inc. $ 39,728 $ 1,673 $ 41,401 $ 50,416 $ (2,255 ) $ 48,161 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 15,924 $ — $ 15,924 Accounts receivable, net of allowance 1,288,672 (8,422 ) 1,280,250 Inventories, net 115,627 — 115,627 Prepaid expenses and other current assets, including discontinued operations 69,429 1,380 70,809 Total current assets $ 1,489,652 $ (7,042 ) $ 1,482,610 Property and equipment, net 618,672 — 618,672 Goodwill 983,133 — 983,133 Other intangible assets, net 230,592 — 230,592 Other long-term assets, including discontinued operations 73,821 — 73,821 Total assets $ 3,395,870 $ (7,042 ) $ 3,388,828 Liabilities and equity Current liabilities Current maturities of long-term debt $ 76,914 $ — $ 76,914 Accounts payable 494,090 — 494,090 Accrued salaries and wages 63,845 100 63,945 Other accrued expenses 69,401 — 69,401 Acquisition-related contingent consideration, current 36,479 — 36,479 Billings in excess of costs and earnings 109,805 (837 ) 108,968 Other current liabilities, including discontinued operations 17,940 (4,050 ) 13,890 Total current liabilities $ 868,474 $ (4,787 ) $ 863,687 Acquisition-related contingent consideration, net of current portion 116,929 — 116,929 Long-term debt 1,088,666 — 1,088,666 Long-term deferred tax liabilities, net 186,538 — 186,538 Other long-term liabilities 43,949 — 43,949 Total liabilities $ 2,304,556 $ (4,787 ) $ 2,299,769 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 87,036,192 as of June 30, 2014 8,704 — 8,704 Capital surplus 776,301 — 776,301 Contributed shares 6,002 — 6,002 Retained earnings 389,937 (2,252 ) 387,685 Accumulated other comprehensive loss (10,943 ) (3 ) (10,946 ) Treasury stock, at cost: 5,262,831 shares as of June 30, 2014 (83,385 ) — (83,385 ) Total MasTec, Inc. shareholders’ equity $ 1,086,616 $ (2,255 ) $ 1,084,361 Non-controlling interests $ 4,698 $ — $ 4,698 Total equity $ 1,091,314 $ (2,255 ) $ 1,089,059 Total liabilities and equity $ 3,395,870 $ (7,042 ) $ 3,388,828 The cost-to-complete estimate changes for the Electrical Transmission projects discussed above, along with an immaterial adjustment for a separate project resulted in a decrease in costs and earnings in excess of billings of $4.4 million . There was also a reclassification of $4.1 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. Billings in excess of costs and earnings decreased by $0.8 million as of June 30, 2014. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $1.4 million . In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected costs and earnings in excess of billings and accrued salaries and wages. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Six Months Ended June 30, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 47,982 $ (2,252 ) $ 45,730 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 70,249 — 70,249 Non-cash interest expense 4,642 — 4,642 Non-cash stock-based compensation expense 7,480 — 7,480 Excess tax benefit from stock-based compensation (3,386 ) — (3,386 ) Provision for deferred income taxes 11,160 — 11,160 Other non-cash items 438 — 438 (Gains) losses on sales of assets (2,593 ) — (2,593 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (21,270 ) 8,422 (12,848 ) Inventories (37,140 ) — (37,140 ) Other assets, current and long-term portion 4,655 (1,382 ) 3,273 Accounts payable and accrued expenses (8,916 ) 100 (8,816 ) Billings in excess of costs and earnings (12,258 ) (837 ) (13,095 ) Book overdrafts (1,355 ) — (1,355 ) Other liabilities, current and long-term portion (4,369 ) (4,051 ) (8,420 ) Net cash provided by operating activities $ 55,319 $ — $ 55,319 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (162,901 ) — (162,901 ) Capital expenditures (67,566 ) — (67,566 ) Proceeds from sale of property and equipment 8,752 — 8,752 Proceeds from other investments, net 573 — 573 Net cash used in investing activities $ (221,142 ) $ — $ (221,142 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 815,840 — 815,840 Repayments of credit facilities (463,713 ) — (463,713 ) Repayment of senior notes, including convertible notes (105,325 ) — (105,325 ) Repayments of other borrowings (7,220 ) — (7,220 ) Payments of capital lease obligations (23,023 ) — (23,023 ) Payments of tax withholdings and proceeds from stock-based awards, net (578 ) — (578 ) Excess tax benefit from stock-based compensation 3,386 — 3,386 Payments of acquisition-related contingent consideration (58,902 ) — (58,902 ) Payments of financing costs (1,298 ) — (1,298 ) Net cash provided by financing activities $ 159,167 $ — $ 159,167 Effect of currency translation on cash (347 ) — (347 ) Net decrease in cash and cash equivalents (7,003 ) — (7,003 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 15,924 $ — $ 15,924 Supplemental cash flow information: Interest paid $ 20,247 $ — $ 20,247 Income taxes paid, net of refunds $ 29,901 $ — $ 29,901 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 44,574 $ — $ 44,574 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 33,612 $ — $ 33,612 Premium shares, conversion of convertible notes $ 114,785 $ — $ 114,785 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,309,596 $ 5,892 $ 1,315,488 $ 3,378,180 $ 2,358 $ 3,380,538 Costs of revenue, excluding depreciation and amortization 1,122,961 (100 ) 1,122,861 2,914,904 (3 ) 2,914,901 Depreciation and amortization 41,747 — 41,747 111,996 — 111,996 General and administrative expenses 59,889 — 59,889 167,454 — 167,454 Interest expense, net 12,643 — 12,643 37,595 — 37,595 Other income, net (1,416 ) — (1,416 ) (5,424 ) — (5,424 ) Income from continuing operations before income taxes $ 73,772 $ 5,992 $ 79,764 $ 151,655 $ 2,361 $ 154,016 Provision for income taxes (28,042 ) (2,277 ) (30,319 ) (57,671 ) (898 ) (58,569 ) Net income from continuing operations $ 45,730 $ 3,715 $ 49,445 $ 93,984 $ 1,463 $ 95,447 Discontinued operations: Net loss from discontinued operations, including loss on disposal and impairment charges $ (320 ) $ — $ (320 ) $ (592 ) $ — $ (592 ) Net income $ 45,410 $ 3,715 $ 49,125 $ 93,392 $ 1,463 $ 94,855 Net income attributable to non-controlling interests 139 — 139 48 — 48 Net income attributable to MasTec, Inc. $ 45,271 $ 3,715 $ 48,986 $ 93,344 $ 1,463 $ 94,807 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.56 $ 0.04 $ 0.60 $ 1.19 $ 0.02 $ 1.21 Discontinued operations (0.00 ) 0.00 0.00 (0.01 ) 0.00 (0.01 ) Total basic earnings per share (a) $ 0.55 $ 0.05 $ 0.60 $ 1.18 $ 0.02 $ 1.20 Basic weighted average common shares outstanding 81,811 — 81,811 79,158 — 79,158 Diluted earnings (loss) per share: Continuing operations $ 0.53 $ 0.04 $ 0.57 $ 1.09 $ 0.02 $ 1.11 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.01 ) 0.00 (0.01 ) Total diluted earnings per share (a) $ 0.53 $ 0.04 $ 0.57 $ 1.08 $ 0.02 $ 1.10 Diluted weighted average common shares outstanding 85,824 — 85,824 86,416 — 86,416 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $5.8 million and $1.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and nine month periods ended September 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue and costs of revenue, excluding depreciation and amortization. For the three month period ended September 30, 2014, the adjustments discussed above resulted in an increase in revenue of $5.9 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.1 million , and an increase in Net Income of approximately $3.7 million . For the nine month period ended September 30, 2014, the cumulative effect of the adjustments resulted in an increase in revenue of $2.4 million . Net Income increased by approximately $1.5 million . Basic and diluted earnings per share from continuing operations increased by $0.04 cents each for the three month period ended September 30, 2014. Total basic and diluted earnings per share increased by $0.05 cents and $0.04 cents, respectively, for the three month period ended September 30, 2014. Basic and diluted earnings per share for the nine month period ended September 30, 2014 increased by $0.02 cents each. For the Three Months Ended September 30, For the Nine Months Ended September 30, Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated As Reported Adjustments As Restated EBITDA - Continuing operations $ 128.2 $ 6.0 $ 134.2 $ 301.2 $ 2.4 $ 303.6 Less: Interest expense, net (12.6 ) — (12.6 ) (37.6 ) — (37.6 ) Depreciation and amortization (41.7 ) — (41.7 ) (112.0 ) — (112.0 ) Income from continuing operations before income taxes $ 73.8 $ 6.0 $ 79.8 $ 151.7 $ 2.4 $ 154.0 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue for the three and nine month periods ended September 30, 2014 totaled $133 million and $327 million , respectively. As restated, Electrical Transmission segment revenue for the three and nine month periods ended September 30, 2014 totaled $138 million and $329 million , respectively. As restated, Electrical Transmission segment revenue for the three month period ended September 30, 2014 increased versus the same period in the prior year by $20 million , or 16.6% . Organic revenue growth totaled $17 million , and acquisitions contributed $3 million of increased revenue for the three month period ended September 30, 2014. As restated, segment revenue for the nine month period ended September 30, 2014 increased versus the same period in the prior year by $7 million , or 2.3% . Acquisitions contributed $16 million of increased revenue for the nine month period ended September 30, 2014, whereas organic revenue declined by $9 million versus the same period in the prior year, primarily as a result of first quarter 2014 winter weather disruptions and timing of project startups. As previously reported, Electrical Transmission EBITDA for the three and nine month periods ended September 30, 2014 total |