Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 334

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 6
Chunk 334
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 ended September 30, 2025 and 2024, subcontracting expenses totaled approximately $3.4 million and $5.8 million, respectively.  Related amounts payable totaled approximately $1.4 million as of September 30, 2025.MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas.  For the three months ended September 30, 2025 and 2024, payments related to this leasing arrangement totaled approximately $1.4 million and $1.6 million, respectively, and for the nine months ended September 30, 2025 and 2024, MasTec paid approximately $4.2 million and $4.5 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 utility and wireless infrastructure services.  Construction services related to site preparation for a new soccer complex began in 2023.  For the three months ended September 30, 2025 and 2024, revenue under these arrangements totaled approximately $16.5 million and $5.0 million, respectively, and totaled approximately $46.1 million and $13.7 million for the nine months ended September 30, 2025 and 2024, respectively.  As of September 30, 

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2025 and December 31, 2024, amounts receivable related to these arrangements totaled approximately $31.6 million and $12.8 million, respectively.  Payments for other expenses related to the Franchise totaled approximately $0.2 million for both the three months ended September 30, 2025 and 2024, and totaled approximately $0.8 million for both the nine months ended September 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