Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 76

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 2024, respectively, for an increase of $75 million.  Capital expenditures totaled $180 million, or $137 million, net of asset disposals, for the nine months ended September 30, 2025, as compared with $101 million, or $52 million, net of asset disposals, for the same period in 2024, for an increase in cash used in investing activities of approximately $86 million, primarily to support operational growth and the replacement of older machinery and equipment.

Financing Activities.  Net cash used in financing activities for the nine months ended September 30, 2025 was $187 million, as compared to $917 million for the same period in 2024, for a decrease in cash used in financing activities of approximately $729 million.  For the nine months ended September 30, 2025, we had $81 million of borrowings, net of repayments, under our credit facility and term loans, as compared with $1,046 million of repayments, net of borrowings, for the same period in 2024, for a decrease in cash used in financing activities of $1,126 million.  The decrease in cash used in financing activities from above was offset, in part, by an increase in net proceeds of Senior Notes in the nine months ended September 30, 2024 of $326 million, consisting of $550 million in proceeds from our 5.900% Senior Notes and $224 million of repayments made on our 6.625% Senior Notes.  Share repurchases totaled approximately $77 million for the nine months ended September 30, 2025, whereas there were no share repurchases for the same period in 2024.  Additionally, payments of acquisition-related contingent consideration included within financing activities decreased by $7 million.  Total payments of acquisition-related contingent consideration, including payments in excess of acquisition-date liabilities, which are classified within operating activities, totaled $25 million for the nine months ended September 30, 2025 as compared with $26 million for the same period in 2024.

Senior Credit Facility

On June 26, 2025, we amended and restated our senior unsecured credit facility (the “Credit Facility”), which matures on June 26, 2030 and is composed of $1.9 billion of revolving commitments.  As of September 30, 2025, aggregate outstanding revolving borrowings totaled approximately $142 million and availability for revolving loans totaled $1,737