Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 336

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 6
Chunk 336
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 of credit issued by the Company on behalf of this entity.  This letter of credit was cancelled as of March 31, 2025.  Income recognized in connection with these arrangements totaled approximately $0.2 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.  As of December 31, 2024, related amounts receivable totaled approximately $0.4 million, which were repaid in 2025.

24

Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries.  The Company sold certain minority interests in these entities to members of management of a MasTec subsidiary for $7.1 million of notes receivable in a prior year.  These notes, of which approximately $2.3 million and $3.2 million was outstanding as of June 30, 2025 and December 31, 2024, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements.  The notes bear interest at a rate of 5.0% per annum.  For the six months ended June 30, 2025 and 2024, the Company recognized interest income related to these notes of approximately $0.1 million and $0.2 million, respectively.

25

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are not historical facts but are the intent, belief, or current expectations of our business and industry and the assumptions upon which these statements are based.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenue and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions, dispositions or other strategic arrangements.  Words such as “anticipates,” “expects,” “intends,” “will,” “could,” “would,” “should,” “may,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “continue,” “targets” and variations of these words and negatives thereof and similar expressions are intended to identify forward-looking statements.  These statements are not guarantees of future performance