Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 52

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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$13,338 

(a)    Recast to reflect first quarter of 2025 segment changes.  See Note 11 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference, for additional information.

As of June 30, 2025, 48% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services.  Most of these agreements can be canceled on short or no advance notice.  Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors relative to “General Economic, Market and Regulatory Conditions” mentioned above.  These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all.  We occasionally experience postponements, cancellations and reductions in expected future work due to these effects and/or other factors.  There can be no assurance as to our customers’ requirements or that actual results will be consistent with the estimates included in our forecasts.  As a result, our backlog as of any particular date is an uncertain indicator of future revenue and earnings.

Backlog is a common measurement used in our industry.  Our methodology for determining backlog may not, however, be comparable to the methodologies used by others.  Backlog differs from the amount of our remaining performance obligations, which are described in Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the notes to the consolidated financial statements, which is incorporated by reference.  As of June 30, 2025, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $7.9 billion of estimated future revenue under master service and other service agreements within our backlog estimates, as described above, and the exclusion of approximately $2.8 billion of remaining performance obligations and estimated future revenue under master service and other service agreements in excess of 18 months, which amount is not included in the backlog estimates above.  Backlog expected to be realized in 2025 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of 

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approximately $1.8 billion of estimated future revenue under master service and other service agreements included within our backlog estimate, which is not included within our remaining performance obligations for the same period