Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 310

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 7
Chunk 310
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$3.4 Clean Energy and Infrastructure7.9 5.3 Power Delivery21.2 7.8 Pipeline Infrastructure10.1 7.1 Other— — Corporate1.0 1.8 Consolidated capital expenditures$47.3 $25.4 (a)    Recast to reflect segment changes.Foreign Operations.  MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico.  Revenue derived from foreign operations totaled $49.8 million and $26.7 million for the three month periods ended March 31, 2025 and 2024, respectively.  Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment.  As of March 31, 2025 and December 31, 2024, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $23.9 million and $25.3 million, respectively, and intangible assets and goodwill, net, of $107.0 million and $108.8 million, for the respective periods.  Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations.Significant Customers.  For the three month period ended March 31, 2025, AT&T represented approximately 10% of the Company’s total consolidated revenue.  The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment.  For the three month period ended March 31, 2024, Equitrans Midstream Corporation represented approximately 11% of the Company’s total consolidated revenue.  The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Pipeline Infrastructure segment.  Revenue from governmental entities for the three month periods ended March 31, 2025 and 2024 totaled approximately 13% and 12% of total revenue, respectively, all of which was derived from its U.S. operations.

Note 12 – Commitments and Contingencies

MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course