Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 230

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 230
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 for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions.  As a percentage of revenue, amortization of intangible assets decreased by approximately 20 basis points as compared with the same period in 2024 due, in part, to higher levels of revenue.

General and administrative expenses.  The increase in general and administrative expenses was primarily due to the effects of timing of ordinary course legal matters, an increase in various administrative costs, including information technology, compensation and professional fees, and a decrease in gains on sales of assets, net, offset, in part, by the reduction in other administrative expenses and the effects of recoveries of provisions for credit losses.  Overall, general and administrative expenses decreased by approximately 50 basis points as a percentage of revenue for the six months ended June 30, 2025 as compared with the same period in 2024.

Interest expense, net.  The decrease in interest expense, net, resulted primarily from lower average debt balances, and, to a lesser extent, lower average interest rates on our variable rate debt, including our credit facility and term loans, which accounted for a reduction in interest expense of approximately $31 million, offset, in part, by an increase in interest expense of approximately $14 million from the June 2024 issuance of our 5.900% Senior Notes.

Equity in earnings of unconsolidated affiliates, net.  For the six months ended June 30, 2025 and 2024, equity in earnings from unconsolidated affiliates, net, totaled approximately $17 million and $15 million, respectively, and related primarily to our investments in the Waha JVs.

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Loss on extinguishment of debt.  We incurred a loss on debt extinguishment of approximately $11 million for the six months ended June 30, 2024 in connection with the second quarter 2024 repayment of our 6.625% IEA Senior Notes and Three-Year Term Loan Facility.

Other (income) expense, net.  For the six months ended June 30, 2025, other income, net, included approximately $4 million of income, from changes to estimated Earn-out accruals, and $2 million of other miscellaneous income, net, offset, in part, by approximately $2 million of expense, net, from the changes in the fair value of additional contingent payments to former owners of an acquired business.  For the six months ended June 30, 2024, other