Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 334

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 6
Chunk 334
---
4 million and $4.9 million, respectively.  Related amounts payable totaled approximately $1.3 million as of June 30, 2025 MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas.  For the three months ended June 30, 2025 and 2024, payments related to this leasing arrangement totaled approximately $1.4 million and $1.6 million, respectively, and for the six months ended June 30, 2025 and 2024, MasTec paid approximately $2.8 million and $2.9 million, respectively.MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners.  Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services.  Construction services related to site preparation for a new soccer complex began in 2023.  For the three months ended June 30, 2025 and 2024, revenue under these arrangements totaled approximately $18.7 million and $3.6 million, respectively, and totaled approximately $29.6 million and $8.7 million for the six months ended June 30, 2025 and 2024, respectively.  As of June 30, 2025 and December 31, 2024, amounts receivable related to these arrangements totaled approximately $17.3 million and $12.8 million, respectively.  Payments for other expenses related to the Franchise totaled approximately $0.2 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and totaled approximately $0.6 million for both the six months ended June 30, 2025 and 2024.MasTec has a subcontracting arrangement to perform construction services for an entity in which José R. Mas had a minority interest, and a member of management of a MasTec subsidiary owned the remaining interest.  On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million.MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee.  The Company made no payments in connection with these agreements during 2025.  For both the three