Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 196

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 4
Chunk 196
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 revenue comprised approximately $721.1 million and $725.1 million, respectively.  As of September 30, 2025, the increase in contract assets was driven primarily by ordinary course project activity, including in connection with increased project volume primarily within the Company’s Communications segment.  For the nine months ended September 30, 2025 and 2024, the Company recognized revenue of approximately $695.4 million and $390.3 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2024 and December 31, 2023, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee.  The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material.  For the nine months ended September 30, 2025 and 2024, the Company sold approximately $378 million and $338 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of September 30, 2025 and December 31, 2024, outstanding sold receivables related thereto totaled approximately $142 million and $84 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets.  The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing.  Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows.  The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option.  Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $5.7 million and $5.3 million for the three months ended September 30, 2025 and 2024, respectively, and totaled approximately $17.6 million and $15.7 million for the nine months ended September 30, 2025 and 2024,