Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2209

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 2209
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, 2024, as compared with DSO of 74 as of December 31, 2023.  Our DSOs can fluctuate from period to period due to timing of billings, billing terms, collections and settlements, timing of project close-outs and retainage collections, changes in project and customer mix and to a lesser extent the effect of working capital initiatives, including certain accounts receivable financing arrangements.  The decrease in DSO as of December 31, 2024 as compared with December 31, 2023 was due to timing of ordinary course billing and collection activities and changes in contract liabilities due to ordinary course project activity, primarily in connection with new project starts within the Company’s Clean Energy and Infrastructure and Pipeline Infrastructure segments.  Other than certain ordinary course matters subject to litigation, we do not anticipate material collection issues related to our outstanding accounts receivable balances, nor do we believe that we have material amounts due from customers experiencing financial difficulties.  Based on current information, we expect to collect substantially all of our outstanding accounts receivable balances within the next twelve months.

Investing Activities.  Net cash used in investing activities decreased by approximately $21 million to $157 million for the year ended December 31, 2024 from $178 million in 2023.  Capital expenditures totaled $149 million, or $83 million, net of asset disposals, in 2024, as compared with $193 million, or $109 million, net of asset disposals, in 2023, for a decrease in cash used in investing activities of approximately $26 million, due primarily to lower levels of equipment purchases.  Cash provided from other investing activities increased by $3 million as compared with the same period in 2023, which includes proceeds from notes receivable collections. Cash used in investing activities from acquisition activity increased by $11 million for the year ended December 31, 2024 as compared with the same period in 2023.

Financing Activities.  Net cash used in financing activities for the year ended December 31, 2024 was $1,090 million, as compared with net cash used in financing activities of $351 million in 2023, for an increase in cash used in financing activities of approximately $739 million. The increase was primarily due to repayments, net of borrowings, of our credit facility and term loans, which increased by $1,022 million for the year ended December 31, 2024 as compared with the same period in 202