Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1903

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1903
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 on that work and maintains a diverse customer base.  The Company believes its billing and collection policies are adequate to minimize potential credit risk.  MasTec’s customers include: wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; public and private energy providers, including renewable and other energy providers; pipeline operators; civil, transportation and industrial infrastructure providers; and government entities.  The industries served by MasTec’s customers include the communications, energy and utilities industries, including the power industry, among others.The Company had approximately 1,640 customers for the year ended December 31, 2024.  As of December 31, 2024, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue.  As of December 31, 2023, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position.  For the years ended December 31, 2024, 2023 and 2022, the Company derived 35%, 38% and 39%, respectively, of its revenue from its top ten customers.

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Note 15 – Related Party Transactions 

The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, serves as the chairman.  Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI.  For the years ended December 31, 2024, 2023 and 2022, MasTec paid CCI $11.7 million, $7.3 million and $4.0 million, respectively, for such services, and related amounts payable totaled approximately $0.7 million and $4.6 million as of December 31, 2024 and 2023, respectively.  The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.5 million and $0.3 million for the years ended December 31, 2024 and 2022, respectively, and for the year ended December 31, 2023, there was no revenue from such arrangements.MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled