Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 290

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 290
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angible assets was due to a combination of the effects of timing of amortization for certain assets and the completion of amortization for certain intangible assets associated with prior year acquisitions.  As a percentage of revenue, amortization of intangible assets decreased by approximately 20 basis points as compared with the same period in 2024 due, in part, to higher levels of revenue.

General and administrative expenses.  The increase in general and administrative expenses was primarily due to an increase in professional fees, the effects of timing of ordinary course legal matters, and a decrease in gains on sales of assets, net, offset, in part, by a decrease in the provision for credit losses.  Overall, general and administrative expenses decreased by approximately 60 basis points as a percentage of revenue for the nine months ended September 30, 2025 as compared with the same period in 2024 due to higher levels of revenue.

Interest expense, net.  The decrease in interest expense, net, resulted primarily from lower average balances and, to a lesser extent, lower average interest rates on our variable rate debt, which accounted for a reduction of approximately $35 million, offset, in part, by an increase in interest expense from our senior notes due to higher average balances, including from the June 2024 issuance of our 5.900% Senior Notes, and, to a lesser extent, from finance leases and accounts receivable financing arrangements due to higher levels of activity.

Equity in earnings of unconsolidated affiliates, net.  For the nine months ended September 30, 2025 and 2024, equity in earnings from unconsolidated affiliates, net, totaled approximately $24 million and $22 million, respectively, and related primarily to our investments in the Waha JVs.

Loss on extinguishment of debt.  We incurred a loss on debt extinguishment of approximately $11 million for the nine months ended September 30, 2024 in connection with the second quarter 2024 repayment of our 6.625% IEA Senior Notes and Three-Year Term Loan Facility.

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Other (income) expense, net.  For the nine months ended September 30, 2025, other income, net, included approximately $3 million of income, net, from changes to estimated Earn-out accruals, and approximately $2 million of other miscellaneous income, net, offset, in part, by approximately $4 million of expense, net from the changes in the fair value of additional contingent payments to former owners